The most secure bank accounts require customers to go through several verification steps that may include security questions, personalized images or symbols. Banks that employ a high level of security in relation to online banking accounts typically use several layers of security.
Banks that only require a simple user name and password for online account access are more vulnerable to hackers than banks that use multi-step verification.
Consumers can take a proactive approach to protecting an online bank account. Strong passwords are a necessity for protecting personal information online. Customers should create a unique password to use solely for online banking. A strong password usually includes a combination of letters, numbers, symbols and characters. It's a good idea to change the password every couple of months.
Another good rule of thumb is to never log into a bank account in a place that has unsecured wireless technology. Bank accounts should never be accessed at airports, hotels, public libraries or coffee shops. Consumers should monitor their accounts for suspicious activity after doing online shopping.
Consumers do have some legal protection from losses due to online bank theft. The Electronics Fund Transfer Act minimizes consumer losses to just $50 if the fraudulent money transfer is reported within 60 days.