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Online Banking, Bill Paying and Shopping: 10 Ways to Protect Your Money

The FDIC publishes an online Consumer News page a few times per year with good advice for avoiding scams. 

The winter 2009/2010 edition is available online at the FDIC's Consumer News page and offers some very good advice for maintaining the integrity of your identity.

From the article:

Online banking, bill paying and shopping are conveniences that most people want to enjoy. And most of the time, high-tech transactions are completed quickly and without a glitch. However, just as with other transactions, in a small percentage of cases something goes wrong. That's why you need to take precautions against theft and errors.

In particular, even as banks and merchants tighten up security, Internet thieves devise new, sophisticated ways to trick consumers into sending money or into revealing information that can be used to commit fraud. "Today's Internet threats wear many different disguises, from fake Web sites to fraudulent text messages on cell phones," warned Michael Benardo, Chief of the FDIC's Cyber-Fraud and Financial Crimes Section. "That's why online consumers need to be aware that they may be targeted and they should always be on guard."

David Nelson, an FDIC fraud specialist, added: "Online fraud is an ongoing game of cat and mouse. Crooks continuously hunt for security holes, banks and merchants plug those holes, and then the criminals find new ones to slink through. But consumers play an important role in keeping crooks at bay by being aware of the potential risks, taking precautions and remaining vigilant."

Read more there!