ProBankingTips

Some national surveys (e.g. FSA figures) prove a growth of complaints about customer service of banks over the last years. Complaints to get an appropriate attention are one way. Alternative could customers consider to change their bank. May be such surveys illustrate that many banks neglect the relevance of relationship banking. And may be we see a global trend to more anonymity through automation of services. But which financial institution is the best today? A little check list could help to organize your thoughts:

As much banking as you need
Otherwise you run into danger to subsidize unused business divisions. Further you increase the possibility that your bank deals in high risks. Are you sure that you really need a small retail bank with a very large and high risky investment department? For special products like home loans or investments you should ask an expert.

Which financial products are essential for you?
Each product costs money. Free offers are paid by hidden costs – e.g. lower interest, profit margin. Writing a list of your preferred requirements should help to identify your financial products.

Consulting a financial adviser
Sure a financial adviser could help to find a right financial institution for you. But he should be independent. That means you pay for him directly not via hidden fees for any products.

Recommendations
Recommendations from friends or any customers are very useful. Nobody else is able to talk open about strengths and weaknesses of banking service or products. Look at the internet but avoid testimonials published at homepages of banks. Banks have a tendency to publish positive statements only.

Direct banking or branch banking
Direct banking is a cheap option for experienced clients. Though I see a combination of financial centers with direct banking service very critical. Mostly such institutions load their work onto it’s clients but charge large fees. However well-heeled clients use private banking.

Interest and Fees
Many people compare interest and fees but forget terms and conditions and service. Most finance comparison sites are a good source to compare figures. Though they tell us nothing about service quality not to mention customer ratings.

Are you satisfied with your bank? Please add briefly how did you found it.

Graphic: © Barbara Eckholdt / PIXELIO

The latest RSA Online Fraud Report (FRARPT) from August 2009 displays a significant growth of password fishing (phishing) attacks. Compared to July 2008 phishing attacks increase over 40 percent to 13,212 attacks in July 2009. During standard attacks dropped down fast-flux attacks are en vogue. How to protect your internet banking against phishing, viruses, trojan and spyware?

Most people believe their computers are protected by firewall and anti-virus software. That’s it. But what will happen if you open some ports or download infected files with unknown new viruses? For this reason some people spend a lot of money into the security industry to protect their PC or network. I think security is a multi-part concept. There are some simple options partially for free:

Router with restricted MAC addresses
You can close your network via router. A restricted list including MAC addresses of your network computers only are able to defend your internet connection against external access. Additional an external access via wlan routers should be blocked by encrypted connection.

Separated PC
A separate – may be older – computer used for online banking only works like a service terminal at home. Password protected with firewall and anti-virus software should it be a safe option.

Dynamic IP-Addresses
Bot networks love static IP-addresses. If your internet service provider offers dynamic IP-addresses your will minimize the risk of attacks.

Second Operating System Linux
MS Windows for games and Linux for work and online activities? Try Linux as your second operating system. Today it’s easy to use. You can test your hardware by a Live-CD without installation. Your benefits: Linux is open source, it comes for free, it’s safer than MS and it’s not the main target for hackers.

Anti-Virus Software
Using anti-virus software is a further step to more online security. It’s standard. Keep it up to date and run system checks periodically.

Software Updates
Periodically updates of your operating system and anti-virus software minimize security gaps.

Firewall
Using a firewall is standard. One of it should be enough. Keep it active.

Email Attachments
Open trustworthy files only. Attachments with extensions like *.exe, *.pif or combinations like *.pdf.exe should be a warning.

Hyperlinks In Emails
Phishing emails offer hyperlinks connected to phishing websites. Such hyperlinks appear like normal internet addresses but includes invisible links to phishing sites. This sites look like banking homepages e.g.. But you have to login with your account data and TAN for verification of something and someone is able to access to your banking account already. For this reason don’t use copy & paste or mouse click. Always type manually your banking URL into the browser bar.

Downloads
Download, save and open trustworthy files only. E.g. some homepages lead you to believe in checking your operating system for viruses, trojan and spyware. After checking they offer a cleaning software (*.exe). It’s funny if a Linux system will be online verified with display a MS layout. Such pages are a clear case for leave and forget.

Strong Password
To crack a password you need much computer power. The stronger a password the better. Your password should contain a sufficient number of letters, figures and additional characters. Change your password periodically and don’t write it anywhere. Keep it confidential.

Many security gaps exist to attacking computers and networks. Please ask your bank and your internet service provider for a guide to protect your online connection. Did I forget anything? What’s your security concept?

Screenshot: adria.richards