Is Online Banking Safe?


In our increasingly digital world, it is important to protect your information while enjoying the conveniences of the internet. When banking online, there are some risks you should be aware of, and ways to mitigate that risk to keep online banking safe:

Risk Response

Accessing an illegitimate banking website through phishing scams, fraudulent websites, links in spam emails

Visit your bank’s website by typing in the web address; do not follow any links sent by email or text

Accessing an insecure banking website

Make sure that your bank’s website is secure by checking that the URL starts with https:// and there is a padlock icon visible before the URL

Sending information over an insecure connection where it could be intercepted

Do not access your account in public places or using unsecured internet connections

Always sign out completely when finished, don’t just close the tab or browser

Never send usernames, passwords or personal information through email

Compromised or easily hackable password allows unauthorized access to your account

Use a complex password containing uppercase and lowercase letters, numbers, and symbols

Avoid passwords that are easy to guess (e.g. your birthday) or very common passwords*

Change passwords regularly, and don’t use the same password for every account

Keep all information confidential, including PIN and card numbers, personal verification and authentication question answers

For more tips on which passwords to avoid, check out The Globe and Mail's article listing the Dumbest Passwords of 2014. (Hint: Don't make your password "password")

Online banking with reputable institutions can be as safe as regular banking, if one makes good choices. Banks do their best to make sure that any transactions are as secure as possible by encrypting their online banking sites, making it hard for hackers to get your information. In many cases, online banking can be safer than regular banking because there is no paper trail.

Visit Get Cyber Safe for more information about online safety.