Is internet banking safe?

Online banking is safe for consumers

Banking websites are hit by hacking attacks every single day. While that may be unsettling to hear, there is a silver lining. As a result of these attacks, banks continually improve their systems to effectively deal with such attacks.

In addition, even if hackers are able to steal money from your account, you will likely be protected. If you safeguarded your personal information and reported the loss immediately, the bank is likely to reimburse your account, according to Bankrate

Take note that this does not apply to institutional depositors. So, if your bank account is under your business name, then you are not covered by this protection.

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