How secure are my secure internet transactions?

[ivan_astikov]

@Fluidly_Unsure

Also; according to irs.gov, “The IRS e-file system has never had a security breach”.

Wouldn’t most big financial organisations say that? They aren’t exactly going to advertise that they’ve been breached, are they?

[TriPolar]

@AZCowboy

And while ed malin’s post sounds a bit alarmist, there is certainly truth to it, but in an odd way, it actually adds to your individual security. If there are 100 houses in your neighborhood, all unlocked with the front door wide open, the fact that your house is unlocked but the door is closed makes your house the most secure in the neighborhood, relatively speaking. Criminals don’t like to work hard. They will take the low hanging fruit all day long. Just make sure you keep your fruit a bit higher off the ground. It doesn’t have to be unreachable - just a bit harder to reach than most everyone else’s.

I believe sending a paper check in the mail is significantly more risky.

Sorry, I didn’t mean to sound alarmist, merely fatalistic. In fact, I don’t think anybody’s chances of being being robbed are increased by electronic transactions, and they may be reduced because of the ease and low cost of software countermeasures.

[Dervorin]

@Fluidly_Unsure

The bottom line to being safe is
[ul]
[li]Avoid using a wifi connection, especially a public one like a library or web cafe. The public wifis are usually unsecured and could be listened to.[/li][/ul]

I’m sure someone more knowledgeable than me will be along to correct me in a second, but it’s my understanding that using an open wi-fi connection is no less secure than any other channel - provided that all unsecure data is being sent over https. The encryption happens between your laptop and the end server, and even if the packets are sniffed during wi-fi transit, they are already encrypted before being broadcast.

I’d be quite happy to be proven wrong on this, and I don’t generally enter my passwords or other secure information on open wifi connections anyway - so clearly some paranoia remains.

[TriPolar]

@Dervorin

I’m sure someone more knowledgeable than me will be along to correct me in a second, but it’s my understanding that using an open wi-fi connection is no less secure than any other channel - provided that all unsecure data is being sent over https. The encryption happens between your laptop and the end server, and even if the packets are sniffed during wi-fi transit, they are already encrypted before being broadcast.

I’d be quite happy to be proven wrong on this, and I don’t generally enter my passwords or other secure information on open wifi connections anyway - so clearly some paranoia remains.

Well it is easier to intercept the packets, but as you mention, not any easier to decode the encryption. It may also make it easier to spoof a connection, by intercepting everything coming and going, and presenting a complete false interchange, but that’s only a small part of pulling off something like that. Most crooks go for the easy targets. Unencrypted communication, passwords that can be stolen, etc… One of the easiest ways to get at someone’s identity is to steal their laptop, then look for the emails where they were told the password to some account or site.

[TriPolar]

@ivan_astikov

Wouldn’t most big financial organisations say that? They aren’t exactly going to advertise that they’ve been breached, are they?

I thought that when I read the post. Remember its the IRS that does the most robbing. And they have a pretty big support system to do it with.

[AZCowboy]

@Rysto

I think that you’ll find that you’re wrong. Horror stories abound about people getting their bank accounts cleaned out thanks to mistakes in an automated bill payment, and getting your money back after the biller has their hands on it is quite a difficult proposition.

Then I could use some cites, and not just anecdotes either. Find me some experts. I suspect you don’t mean to refer to automated bill payments, but to automated clearinghouse debits to your checking account, where you authorize someone to pull funds from your account on a recurring basis. Never a good idea. But if you setup the payment from within your online banking system, or authorize one time pulls between financial institutions, I think you will find that experts agree that online transactions are more efficient as well as safer.

Don’t take my word for it. How about Clark Howard, consumer activist extraordinaire:

Online Banking

Clark Howard - Jun 2, 2006
So why does Clark like electronic payments so much? First of all, it’s much safer than sending a check.

Still Writing Checks?
A Warning for Checkbook Carriers

This guy, and his team, deal with thousands of harmed consumers on issues of fraud and identity theft each year. I trust that he knows what he is talking about.