Adapting To Online Banking Threats

Adapting to online banking threats.

Technology is truly a marvelous thing – consumers have become accustomed to managing their money with a click of a mouse, making the 150-year tradition of visiting the bank branch all but obsolete. We had the opportunity to chat with ING Direct CEO Peter Aceto on this changing consumer behaviour (and he spilled a secret or two up new moniker Tangerine’s sleeve).

But with this convenience comes volatility; North American websites were blindsided this week by threat of the Heartbleed Bug, a software hole that could expose millions of pins and passwords. Check out our coverage below.

The Heartbleed Bug: Should Online Banking Customers Worry?

A new Internet security threat has been unveiled, that could affect up to two thirds of websites. Dubbed the Heartbleed Bug, the glitch exposes encrypted information sent over the web such as passwords, transactional information, pins and credit card numbers.

Naturally, consumers are concerned about the security of their information, particularly their online banking details. Read on for what we know so far about the breach.

Read Penelope’s Blog | The Heartbleed Bug

Heartbleed Bug

Consumer tip: Remember to change your passwords as a safeguard to possible Heartbleed exposure – and make sure they have strong security.

Selling the Family Home: My Mom’s Story

Trading in the family home can make a lot of financial sense for empty nesters – but that doesn’t make the decision any easier!

It’s a call recently made by the mother of Money Wise writer Sean Cooper. Check out her story and see if downsizing to a condo fits into your post-retirement plan

Read Sean’s Blog | Selling The Family Home

ING CEO Peter Aceto: Tangerine Name Change

On April 8th, ING Direct formally changed its name and branding to Tangerine. The switch came as part of their $3.1-billion acquisition by Scotiabank, and raised questions among current and prospective clients. What changes are to come for their beloved banking products?

To answer these concerns, Money Wise connected with CEO Peter Aceto. Read on for his take on what consumers can expect, and future banking innovations.

Read Penelope’s Blog | Tangerine Name Change

IMF Canada Report: No Need to Hike Rates Yet

A new report from the International Monetary Fund finds Canada is in for an economic growth spurt – but warns the central bank from getting carried away with interest rates. Here’s what consumers can expect.

Read Gordon’s Blog | No Need to Hike Rates Yet

Hiring Conditions and Business Investment Improving in Canada

Good news for Canadian job seekers: optimistic businesses are looking to hire. The boost to employment comes as a result of a strengthening export industry, American economy, and better business investment.

Read Rubina’s Blog | Hiring Conditions and Business Investment Improving in Canada

Spring Mortgages: Get Em’ While They’re Hot?

Time may be of the essence for home buyers looking to cash in on low spring mortgage rates. While some lenders have kicked off the home buying season with mortgage discounts, it’s questionable whether a low-rate environment can last, according to RateSupermarket’s monthly expert mortgage panel.

Read Penelope’s Blog | Spring Mortgages: Get Em’ While They’re Hot?

Enter This Week’s #RSMWIN

Want your chance to win a $25 gift card? Answer the following @RateSupermarket with #RSMWIN:

Do you plan to renovate your home this summer?

Finance Link Lineup:

In Memoriam: Former Finance Minister Jim Flaherty passed away this Thursday, April 10, at the age of 64. Here’s a look at his career and service to Canada. Via Global News

Forget Maple Syrup: The latest Canadian stereotype is that Canucks are good with money management. But are we really as thrifty as the world perceives? Via Young and Thrifty

Silver Spoon Slipups: Billionaires have child-raising challenges too – apparently all that dough has a tendency to create – dare we say it – spoiled kids? Here’s how a few big earners plan to teach their families financial literacy. Via Golden Girl Finance

Your Role in Catching Bank Fraud: With the Heartbleed scare so prevalent, consumers are advised to keep a close eye on their accounts in case anything is amiss. However, many bank clients are unaware of their role in reporting fraud – here are the steps you must take to safeguard your cash. Via the Globe and Mail

Related Topics

Banking 101 / Personal Finance / Personal Finance News

One thought on “Adapting To Online Banking Threats

  1. My sister was a victim of ID theft and the bank knew that something was up. My sister lives in BC and her account was attacked in Quebec. A review of her spending habits showed she must have been in two places at the same time. However the bank let the first transaction through then thought they would contact her to see if it was legit. Of course it wasn’t and they flagged her account. The necessary details were changed for protection. A lady went to her bank in Quebec City and wanted to draw some cash at the ATM but of course it didn’t work. She then went into the bank to draw it from a teller. Knowing this was a scam when she failed to id herself properly they said all they could advance her was $20. She left the bank and they had her trailed but lost her somehow so no charges laid. That account has never been accessed since but just goes to show you how the real culprits use mules to run this crime machine.

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