As with any regular bank account, it is important that you remember to keep the security of your student account in mind. Unfortunately, there are always people looking to steal your money and it is important to remain vigilant at all times. Follow the basic security guidelines issued by your banking provider, report any suspicious account activity and be especially cautious to keep your details secure when using internet banking.
Basic Security Guidelines: Most banks and building societies issue their customers with a leaflet detailing basic security guidelines. Essentially, these are common sense methods to protect your secure details and prevent other people gaining access to your account. These include:
> keep your PIN number secret
> be alert to others when using an ATM and entering your PIN
> be alert to others when using your debit card and paying with Chip and PIN
> keep your account cards with you at all times
> check that the internet connection you are using is secure before using internet banking
> Lost or Stolen Account Card: It is imperative to inform your bank or building society as soon as you notice that you have lost your account card, or that it has been stolen. The same applies if you believe that someone else has access to your secure details and could therefore gain access to your account. Your account provider should give you details of the dedicated telephone line you can call in the event of a lost or stolen card or compromised security. Although banking institutions have procedures to protect victims of fraud, institutions have the right to limit the liability on their part if it can be proved that gross negligence on the part of the account holder is to blame for loss. Nonetheless if the institution subscribes to the banking code, a code of conduct for banks and building societies, the maximum liability for an account holder in the event of unauthorised payments occurring before the lost or stolen card is reported is fifty dollars.
Phishing Scams and Internet Banking Security: It is important to be careful when using internet banking to manage your account. You are advised:
> never to enter a full password / PIN details (internet banking systems usually ask for random alphanumeric characters in order to login)
> remember passwords and security words rather than note them down
> install and regularly update anti-virus, anti-spam and anti-spyware software
> ensure that the internet connection you use for internet banking is secure: the banking site should have a secured address beginning https://
> use only a secure, private computer which is unobserved
Phishing scams are fraud scams which aim to gain access to peoples' bank details and thus to their money. If successful, a phishing scam will result in unauthorised withdrawals and payments from your account. Often phishing occurs when a bogus email is sent out, claiming to come from a banking institution and requesting the recipient to give out secure information such as account passwords. Although banks and building societies secure funds as best they can, they can only ensure a degree of safety if customers have exercised due care. Basic security measures should be practised whenever you access internet banking to protect your account from fraudulent misuse, not just from phishing email attacks.
