Managing your finances online

Managing your finances online can make your life much easier as you can update your details, transfer money and set up direct debits without having to go into a bank and at a time that is convenient for you. However there are key security issues and you have to be aware that there are important steps to take to make sure that the only person who has access to your financial details is you. Although there has been a lot of bad press about the security of banking online, in essence it is just as safe as telephone banking or popping into your local branch.

Password
When you open an online account you will be asked to create a password to ensure that you are the only person who has access to your account.

• Choose a password that is a mixture of letters and numbers - this will make it more difficult for anyone to guess.

• Although it is tempting to use the same password for all your online accounts it is important for banking that you use a different password.

• Don't use a password that is easy to guess such as your name or address.

• Never tell anyone your password no matter how much you trust them.

• If you forget your password don't try and guess it as you could be frozen out of your account - if you have any difficulties remembering your password phone customer service and they will help you create a new one.

Other tips that will help you to keep your account secure include:

• When you log onto your account make sure that the padlock symbol appears at the bottom of the screen. This means that you have entered a secure area and that all your details will be encrypted - so that no one else can see them.

• Never press the 'back' button when you have logged onto your account - this is not secure and could allow people to view your transactions.

• Check your account regularly and keep an eye on all the transactions that are taking place - if you notice anything unusual contact your bank immediately.

• It is also helpful to keep records of your account - print out a summary of your account on a regular basis so that you have proof of all your transactions.

• When you have finished using your account make sure that you log out properly - this can often take a few minutes - but it is worth waiting to make sure that no one else can use your account.