Financial Safety Advice

After hacking the accounts of Citibank customers, it is necessary to remember certain safety measures when operating bank accounts online.

1) Never accept applications both online and telephone alleged financial institutions that you are a customer. Call them using phone numbers or email addresses posted on their bank statements or bank cards.

2) Update the security program on your computer. Make sure you have protection against malicious code (malware protection) and have a good firewall program and anti intrusion.

3) Check the security for handheld and mobile banking applications. Banking and payments for mobile devices is already being very common and hackers can start paying more attention to the mobile system.

4) When you enter your ID and password for online transactions, always enter the site address directly into your browser. Never click on links that take you to say that banking sites.

5) Use secure key and security code reuse your banking elsewhere. Use two authentications if your bank offers it online, as a confirmation number by text message to your phone. It has unusual responses to security questions.

6) Monitor your banking at least once a day. It is a waste of time. If you evaluate the time spent on Facebook, Twitter or replying mails, assess how long will you protect your finances and your family.

The use of Internet banking is still a somewhat controversial issue in Mexico. Unlike what happens in other countries, Mexicans regard internet users this means, almost exclusively, as a means of communication or source of information and tend to miss other services such as trade or payment card credit and government procedures.

Perhaps the main reason for this is the fear that exists in the virtual fraud. It is difficult at first, trust something you can not see, touch and keep physically. It’s different to the feeling of a click to make a wire transfer to receive a payment voucher from the hand of our bank branch teller preferred.

However, little by little Mexican users have been abandoning the prejudices and have been venturing to use other online services. And, using the Internet bank is not only more comfortable but may also be safer.

The rise of Internet Banking

Why it has become so popular to use internet banking?
In the rest of the world, internet banking has generated an unusual importance. The primary reason is surely comfort. Use online banking saves time and effort. Unlike spend hours in the ranks of trained attention of banks and other financial agencies, users can perform a number of operations with only having a computer and internet access.

Mexican users have gradually realized the advantages of using internet banking. Besides saving time and avoid annoying delays, the user is protected from risk of muggings and violent robberies, which can occur at bank branches. Another point in favor, more and more people discover and benefit is the ability to perform certain operations 24 hours a day. This is advantageous in particular for users with long working hours or who travel constantly for work. Read the rest of this entry →

A respected consultant to the Virus Bulletin states that “It is a little worrying that so many people consider the risk-free online banking.” This person refers to a study conducted in Virus Bulletin which highlights the results of a survey found that one in four consider online banking unsafe, but equally make use of it.

Virus Bulletin is an organization dedicated primarily to evaluate and give them a certified antivirus without mentioning the magazine also published. But the truth is that while online banking is not 100% risk free, it is not as unsafe as not to use it, of course, as long as you follow certain basic steps. I think if someone says not to use online banking because it is unsafe, would be a little paranoid. In fact I think that here in Mexico we run a risk of at least go to an ATM to withdraw money, make a withdrawal at the counter (after giving the “whistle” that “that takes money”) or even to go near the truck Panamericana, those carrying money-rolling bunkers. And indeed, the latter risks can affect our physical, as opposed to online risks.

What can we do to have an online banking experience as safe as possible? I would say the following tips, which certainly are not hard to follow. One: update the operating system and browser. Two: To have an updated antivirus (there are a couple that are free and “Avast”). Three: Read the emails from banks but never initiate an action in response to that email. Nothing you need to update the accounts or passwords, or you have to enter a site to “x” or “and” thing in doubt is called by telephone to the Bank. Four: Do not share passwords (I think this is common sense). Five: Do not use internet cafes for online banking.

These five tips I believe could be the basic, additional and even greater security is to install a personal firewall, or the use of Linux (some banks require to use Microsoft Explorer), the activation of SMS messages by phone when made withdrawals from the banks (at least I know a bank that has the service), installation of a spyware (there are some free products like Search & Destroy).

Finally, as one must be aware of the risks of banking in the physical world, one must be responsible for being aware of online risks. Information is power, and the more we know how to reduce risks and follow some basic guidelines, we have a satisfactory experience of online banking. Personally, I’ve been using this bank since its inception in Mexico and so far I have not had any incidents and this without taking extraordinary precautions.

Incidentally, the founder of Kaspersky antivirus says he does not use online banking because that’s the safest way. I would say that everyone can make decisions that seem right, but do not share this view in particular. Perhaps we can say that it is safest to use a computer is to have it off and never use it. That’s not real.

Online, you have to take basic precautions?

Do not tell anyone your password for access to their accounts, or store in your personal computer. Change also your password regularly.

Avoid passwords like your birth date, phone number, license plate … that can be easily obtained. At the time of creating them make sure you are using a combination of letters and numbers to increase the security of the same.

Do not respond to any email that asks for information of personal nature. No identity never send emails asking customers to confirm their usernames, passwords or card numbers.

Avoid connecting to Online Banking in places where Internet access is available to many people. Such as Internet cafes, and try to stay informed of the status of their accounts and the recent operations.

How can you ensure that your computer is safe?

Protect your computer by using any antivirus program and keep it updated

Open only those emails with the sender know. The hidden files can carry a virus.

Avoid installing software of dubious legitimacy. Read the rest of this entry →

70% of the population of Brazil, Russia, India and China have no bank account. But how many have cell phones (it is estimated that there are nearly one billion people in all emerging markets)? That’s why investors put eyes on mobile payments. Last week, Actis bought chipmaker MSCC egipicia to dig deep in the activity.

Arthur D. Little predicts that the mobile payments market will be worth 60,000 million for 2015. Anticipates that within five years, the number of people who serve the mobile banking will rise from 32 million today to 290 million. That means there will be more than a million new users per week.

Ambitious goal, no doubt, but mobile payments are a solid foundation.
First, as suggested above, this should allow banks to reach new consumers. The insertion of mobile phones is improving access in Mexico and emerging countries. Thus it is possible that nearly 40% of the population has telephones, but still without access to the bank.

Second, banks can expand very economically. As noted by the FT editor, Sharlene Goff, a few weeks ago, banks can reduce up to 50% of their costs if [for their operations] are based on devices, rather than branches. Read the rest of this entry →