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James HancockFlag for United States of America

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Is online banking safe?

Hi

It's so annoying if I have to drive to W.Fargo to ask for my checking balance, or send money to people.

I'm concerned that hackers can enter online banking and wreak havoc.

Is this a valid concern?

Is online banking solid?

Thanks
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Lee W, MVP
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Note that banks have full-time computer security departments to keep things safe... so they can stay in business.
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PC Online Banking was around long before Smart Phone and it is just as safe. My Bank does not differentiate between the two methods.

My Bank mobile app accepts both password and fingerprint and passwords were around (here) prior to fingerprints.
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None of my clients have admin rights and most homeowners are more careful than suggested. Non-fingerprint and PC banking was out for decades before the current environment and succeeded handsomely
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Online banking as others have noted is safe.  Or, at least as safe as you make it.  The same is true for real world banking.  Just like the real world, where you guard your wallet, credit card,  pin, account numbers, SS numbers, etc.  You also need to guard your banking credentials and the devices you use for banking.  

I treat my PC and phone like my wallet -- I don't loan them to others with all the stuff inside. The kids and wife have their own machines, where they can look for free games, coupons, music, more facebook pals etc.  Using those machines for banking is like going down to the bad part of town to use an ATM.   Evil apps often lurk thereabouts.  They can be quite cleverly disguised too.  When asked to install an app to print a coupon,  wants access to my phone settings, or install a search banner, browser addon, my red flags go up.  

Phones are not exempt!  Apps like browsers or Facebook run their own little ecosystems that can be compromised with malware or addons.  Those free facebook games are a good example of how (unchecked by facebook) 3rd party code can run on your device.  They by default inherit credentials from the parent browser/app.  

So, I only trust banking on my own PC, which is scanned regularly for malware, spyware and viruses and  seldom exposed to "the bad side of town".
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Thanks