Top Three Myths About Online Banking Revealed

by Erica Starr 22. August 2012

Nowadays, it’s next to impossible for consumers to participate in the 21st century without having to share some sort of personal information via the web. From social media sites to smartphones, it feels like it’s all about sharing and comparing when it comes to your personal information online. Information that, until recently, we’ve been taught to lock up like Fort Knox. But now it’s okay to share?

With all of the hype about top notch companies such as Citibank, Sony, TiVo and even Apple experiencing electronic security breaches, we decided to take a stab at debunking some of the common myths about conducting business online…more specifically, your banking…to make you feel a little bit more at ease when deciding to take the plunge and go paper-free!

TRUE or FALSE?


Because of the increased cyber-attacks over the years, the security measures that financial institutions have to take to protect their customers' information makes it extremely difficult and inconvenient for customers to access their accounts and conduct financial transactions.

False: With today’s advanced security technologies, banks are able to utilize the highest level of security while offering supreme functionality and user experience when customers access their sites. Tactics such as security questions and quick password recovery are just a couple of examples of secure ways banks can confirm a customer’s identity without any hassle on the customer’s end.

Sticking with traditional banking methods such as receiving monthly paper statements and driving to branches to make deposits will allow consumers to have more control over who has access to their account information, and therefore, they will be less at risk for identity theft.

False: In actuality, going the online route could actually be safer than sticking with traditional banking methods if you take the right precautions. Think about it. By banking online you:

  • Reduce the risk of “dumpster divers” going through your trash cans or dumpsters and finding personal information.
  • Get 24/7 access to your account information. That means you don’t have to wait until you receive your paper statement in the mail to discover that you’ve been the victim of identity theft. Furthermore, you can put an immediate stop to potential criminal transactions.
  • Eliminate the chance of an identity thief attempting to sign you up for online banking without your knowledge. Yep, it’s happening. Identity thieves are now targeting folks who aren’t signed up for online banking by electronically impersonating those individuals. All they have to do is get their hands on the account number (from an old paper statement they found in the trash can?) and boom…they’ve now signed you up for online banking and have full access to your account.

Banks that don't disclose what online security precautions they use must not be as secure as they claim.

False: It's actually quite the opposite. You wouldn’t want us to tell potential burglars where all of our security cameras are, would you? So then why would you want us to tip off potential hackers as to what technologies we are using to protect your information? Rest assured that 1st Mariner Bank, along with any other credible financial institutions use state of the art encryption technologies to protect themselves and their customers from potential security breaches.

If you are still apprehensive or have concerns about online banking security, visit our Security and Fraud Prevention Center to learn how we keep your accounts secure and what you can do to keep your accounts safe, then take the plunge into the wonderful world of online banking!

If you found this article helpful, be sure to check out these related articles:

5 Mobile Banking Security Tips

How to Prevent Check Fraud Scams

Do Your Part to Help Save a Tree



© 2008- 1st Mariner Bank