Internet banking? no thanks

This is an article about an Indian internet banking scam:

http://www.mid-day.com/news/2008/oct...e-Internet.htm

I have never trusted the concept myself............ hard enough to stay reasonably safe with traditional methods IMO. What are your thoughts/experiences?

Incidentally, a "crore" is 10,000,000 and a lakh is 100,000 ;)

But I am sure that you all knew that anyway :D

I do some Internet banking but I dont have enough funds for someone or a syndicate to be interested.

If the bank cant have their own security up to date to stop this from happening then they must refund what gets nabbed.

http://home.ingdirect.com/

I use it - interest rates are better than local Banks

It always comes down to the weakest link, the people, the people who don't keep their security up to date and get a trojan or the people who code crappy banking software.

I use Swiss Bank's online only because of the extra physical verification to just open an account and two-factor +RSA key to do online banking, I get all the world markets for stock trades, banking, and exchange tools all in one place.

Quote:

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Originally Posted by dinowuff

http://home.ingdirect.com/

I use it - interest rates are better than local Banks

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OK Now I might go off topic. I have always been interested in setting up an "overseas" bank account. Some place I can flood my monies too without it being traced of whatever.

No seriously can someone point me in the right direction. Could I just hop on to a bank website of my choice, open an account over the net and then transfer funds from my bank in SA here? Is this possible?

I know it might be a stupid question msut I am very interested in this :)

Thanks.

If it's a legit online bank, There will always be a trace.

How most online banks work is you give them your account and routing information and transfer the funds from your current bank to the online bank.

Rate conversion is usually your problem. Be careful when depositing and withdrawing, you could loose your ass on the rate conversion depending on the banks conversion rules.

Now as to hoping on line and opening an account. Nothing personal here but with out a substantial investment up front, I doubt any over seas bank will give you the time of day "On-Line".

Sigh so basically if I dont have say maybe $10k then its a no go.

I don't know. Your location says S.A. and if that's correct, well - again not trying to offend, but banking scams originating from the African Continent are a dime a dozen.

I'm pretty sure you would have to open accounts in person with lots of identification

I figured out that if I don't put all my savings online, losing a little doesn't really hurt a lot. And I trust the banks pretty well too.

Hi there,

Yes from South Africa. I can understand your statement concerning scams. Nigeria is the capital of Banking scams.

So basically there is no way for me (average joe) to hop online, open up an account and transfer money in there?

I use a netbank service - it gives me access to my accounts and all my banking needs. I even have a savings account which is ONLY an electronic account. No keycard and no physical access to it whatsoever.

Before logging on, i ensure a secure connection was established. I Trust my browser as i keep my computer clean and protected - And i change my password as needed.

The biggest vulnerability in your details being stolen is accessing your banking from multiple different computers, as opposed to the single 1 computer you have at home/office.