| Some consumers may want to know how their
personal information is used by their bank and
whether it is shared with affiliates of the bank
or other parties. Starting July 2001, banks
are required to give you a copy of their privacy
policy once you become their customer, regardless
of whether you are conducting business online or
offline. You may also see a copy of it posted at
the bank’s Web site. By reviewing this
policy you can learn what information the bank
keeps about you, and what information, if any, it
shares with other companies.
Banks may want to share information about you
to help market products specific to your needs
and interests. If you do not wish to participate
in information sharing, however, you have the
right to prevent your bank from sharing your
private personal information with parties not
affiliated with the bank, except in certain
limited circumstances. As of July 2001, your bank
should provide a clear method for you to
"opt out" of this type of information
sharing.
You may have heard that some companies track
your Web browsing habits while at their site, to
understand your interests and then to market
particular services or promotions. You may want
to ask whether your bank tracks your browsing
habits if these practices concern you. Also, your
Web browser may enable you to block the ability
of outside companies to track your browsing
habits.
Your bank and your internet service provider
may have more information about how to protect
your privacy online.
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Help Keep Your Transaction Secure
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The Internet is a public network. Therefore, it is
important to learn how to safeguard your banking
information, credit card numbers, Social Security Number
and other personal data.
Look at your bank’s Web site for information
about its security practices, or contact the bank
directly.
Also learn about and take advantage of security
features. Some examples are:
- Encryption is the process of scrambling private
information to prevent unauthorized access. To
show that your transmission is encrypted, some
browsers display a small icon on your screen that
looks like a "lock" or a
"key" whenever you conduct secure
transactions online. Avoid sending sensitive
information, such as account numbers, through
unsecured e-mail.
- Passwords or personal identification numbers
(PINs) should be used when accessing an account
online. Your password should be unique to you and
you should change it regularly. Do not use
birthdates or other numbers or words that may be
easy for others to guess. Always carefully
control to whom you give your password. For
example, if you use a financial company that
requires your passwords in order to gather your
financial data from various sources, make sure
you learn about the company’s privacy and
security practices.
- General security over your personal computer such
as virus protection and physical access controls
should be used and updated regularly. Contact
your hardware and software suppliers or Internet
service provider to ensure you have the latest in
security updates.
If you have a security concern about your online
accounts, contact your bank to discuss possible problems
and remedies.
Remember that nonfinancial Web sites that are linked
to your bank’s site are not FDIC-insured.
As an added convenience to their customers, some banks
offer online links to merchants, retail stores, travel
agents and other nonfinancial sites. An outside
company’s products and services are not insured by
the FDIC, and your bank may not guarantee the products
and services.
As in everyday business, before you order a product or
service online, make sure you are comfortable with the
reputation of the company making the offer. Only then
should you give out your credit card or debit card
number. And never give the number unless you initiated
the transaction.
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