Rating banks for id theft protection
In their attempt to get customers to use online banking (it saves the bank money), banks have often skimped security for convenience. The avalanche of phishing scams that target bank customers has made security a hot issue. So far, too many banks have taken the position that ID theft is not their responsibility. However, some banks have started taking measures to beef up the security of their online sites to make it less likely that customers will mistake a fake phishing site for the real thing. ZDNet reports on a study ranking some big banks on this issue.
I am glad to see my bank, Bank of America, is at the top of the ranking. Signing into your online account now involves two steps and includes a graphic personalized to your account. Having to go through two steps is slightly less convenient but I repeat my position that it is better to have more security even if it means giving up some convenience. The Vanguard Group is another financial institution that has started using two-factor sign-in for its online accounts.
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