Investing in Bank Accounts Part 6

Singapore Savings Account Rates presents Investing in Bank Accounts Part 6 this June 2010.

8) Internet banking

This is banking through online services. Banks with internet banking facilities allow customers to check balances, pay bills, transfer funds, compare savings plans, and apply for loans on the Internet. Access to internet banking services is usually through the use of user IDs/ passwords and PINs.

9) Safety precautions in Internet Banking

Banks would take appropriate measures to ensure that their websites and online facilities are secure. If you want to know more about their security procedures, ask the bank for details. You can do your part to make your online banking transactions more secure by:

a) Keeping your ID and password to yourself. No bank staff will ask for your password.

b) Logging on to the bank’s website by entering the domain name of the bank into the browser bar. Never accept hyperlinks or redirections from other websites to log on to your bank’s website.

c) Changing your password regularly, especially if you make transactions frequently.

d) Checking your statements regularly and look out for unauthorised entries.

e) Remembering to log off, even if you are leaving your desk for only a short while.

f) Clearing your computer's cache and transaction history after logging out.

g) Do your banking transactions only on your own computer. Never use shared computers like those in cyber cafés.

h) Protecting your computer from hackers by installing firewalls, anti-virus programmes and updating your browsers and operating system with the latest security patches.

For further reading on other consumer guides, please log on to the MoneySense website at www.moneysense.gov.sg

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The Team
Singapore Savings Account Rates.