So "People forget that banking is very much focused on customer service," says Murray. "Privacy and security of information are top priorities for our banks."
Murray says Canadian banks have spent about $17 billion on technological improvements in the last five years. They use 128-bit encryption, a process that scrambles your data while it's being transferred across the Internet to your bank. It's like sending your information as a top-secret code that only your bank can crack. On your end, you'll need a secure web browser. Check your bank's website for security information and minimum browser requirements. And upgrade your browser frequently to ensure you're using the latest encryption technology.
And, while Murray says the system is "very, very secure," he cautions users that the convenience of online banking does bring some risks.
He advises people to rely on the same common sense they'd use dealing with anyone. "Know whom you're dealing with," he says. "Don't give out your credit card information to just anyone online." Murray says if using a shared computer, be aware of who might be using it next. Log off and clear your cache after all online transactions so your session can't be intercepted.
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