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Internet Banking Security Issues

What is Security Settings Menu?

By using "Security Settings" menu ,you will be able to;

  • Change your "Security Question",
  • Restrict all financial transactions,
  • Define the IP/ISPs(internet service provider) that you use to connect to Internet for preventing access to Internet Banking from other IP/ISPs,
  • Define Vacation Settings that will let you prevent access to Internet Banking between selected time intervals or specific dates,
  • Enable/Disable your Current / Time-Deposit / Investment Accounts for HSBC Internet Banking usage ( Preview only / Disabled for All Transactions / Enabled for All Transactions ),
  • Define your Money Transfer Transaction Daily/Monthly Limits for the money transfers that will be performed via HSBC Internet Banking and HSBC Telephone Banking.

I forgot my security settings, what should I do?

You can reset your security settings by dialing HSBC Telephone Banking 0850 211 0 111.

Is it safe to use the Internet to carry out my banking with HSBC?

Yes. Technological advancements over recent years have made it possible to set up a secure banking platform through the Internet. Most of the larger banks now offer online banking services.

HSBC Internet Banking accepts transactions from Internet browsers that support 128-bit SSL encryption, the most advanced security technology currently available. Using 128-bit SSL encryption ensures that the transactions you carry out through HSBC Internet Banking are executed in the most secure environment possible.

How secure is HSBC Internet Banking?

HSBC Internet Banking is supported by the most advanced security software currently available for online banking. It uses 128-bit SSL encryption (compared to previous systems that used 40-bit encryption) which offers a very high level of security. However, security standards change as rapidly as the pace of technological development. Accordingly, HSBC constantly follows enhancements in security, and implements new and proven systems as soon as they become available in order to maintain the highest level of security. You can rest assured that HSBC is always equipped with the most sophisticated systems available.

The HSBC Internet Banking password offers an additional level of security. Each time you attempt to log on to HSBC Internet Banking you will be prompted for your password. You should never share your password with anyone. If you suspect that someone may know your password, you should immediately change it, which you are able to do online. When you enter your password, each letter or number will appear as an asterisk (*) meaning that others watching your screen will not see your password.

In addition, whenever you are logged on to the HSBC Internet Banking site you will automatically be logged out after 7 minutes of inactivity. This prevents others from gaining access to your accounts if, for example, you forget to log out of the session and leave your computer unattended. Whenever you wish to log back on, you will be prompted for your user code and password again.

HSBC Internet Banking is supported by several other security systems. Amongst these are security tools that scan all instructions to ensure that they have not been altered. Only when we are satisfied that the instruction has not been altered will we execute the instruction.

What is encryption?

Encryption is the encoding of alphanumeric characters (basically, words and numbers) with mathematical algorithms. The data encrypted in your computer can be decrypted and put into operation only when they reach HSBC Internet Banking.

The communication between HSBC Internet Banking and your computer is encrypted using SSL 3.0 128-bit encryption technology – currently the most secure and widely used security standard in online communication and data transmission.

What is SSL 3.0/128-bit and how does it work?

SSL 3.0 is the latest in encryption technology, and is built into the latest browser software packages. With 128-bit encryption, each connection to HSBC Internet Banking is encrypted with a new cipher of 128 digits.

How does 128-bit SSL encryption protect my information?

Each piece of information that flows between your computer and the HSBC Internet Banking site is encrypted using the 128-bit SSL encryption technology present in your browser. This is the highest level of encryption available, and it protects your password and any instructions that you transmit. We recommend that you do not carry out any transactions unless you are sure that your browser supports 128-bit SSL encryption.

Can anyone else gain access to my account details using HSBC Internet Banking?

No. It is not possible to access accounts using HSBC Internet Banking unless you have the relevant user code and password. You are able to change the password as many times as you wish.

My user code and password automatically appear on the screen as I log on to HSBC Internet Banking. Will anyone else be able to access my accounts without my permission?

Yes. If this occurs you need to make immediate changes to your browser settings, as it is your browser that is storing this information. Here is one way you can address the problem:

  • Open the "Tools" menu in Internet Explorer
  • Select "Internet Options"
  • Select "Content"
  • Click "AutoComplete" under the "Personal Information" heading
  • The "AutoComplete Settings" preference screen will appear
  • Where it says "Use AutoComplete for", there should be no check marks in the boxes titled "User Codes and Passwords on Forms" and "Prompt me to Save Passwords". If there are, clear them by clicking in the box(es).
  • In order to clear previously saved user codes and passwords, press the "Clear Forms" and "Clear Passwords" boxes on the same screen.

Is there anything I can do to enhance the online security of my accounts?

Yes. As a subscriber to HSBC Internet Banking, you share the responsibility for ensuring the online security of your accounts. You might find the following points useful in this respect:

  • You should keep your account number(s) and your HSBC Internet Banking password and user code secret at all times. You must not allow anybody to gain access to this information, whether deliberately or unknowingly.
  • You should take all steps necessary to prevent people from observing you as you log on to HSBC Internet Banking.
  • Do not respond any e-mail messages or web site that asks your personal information. Email messages cannot be encrypted and so may not be secure.
  • Do not forget; HSBC does not send you any email messages related to Internet Banking and ask your password.
  • Do not leave your computer unattended while you are logged on to HSBC Internet Banking.
  • When you wish to exit HSBC Internet Banking, use the "SECURE LOG OFF" button. Do not simply close your browser window, use the "Home" button, or move on to another site.
  • Only use browsers that support 128-bit encryption when you are accessing HSBC Internet Banking. Change your password regularly.
  • Do not write down your password; memorise it.
  • Change your password immediately if you suspect somebody else may know it.
  • Check your account statements carefully and notify us if you notice unfamiliar transactions.

Phishing mules.

Once the fraudsters have collected financial information of individuals via phishing, they are then in a position to abuse this information and steal money out of the compromised accounts. In order to cover their tracks, however, they recruit unsuspecting individuals to act as go-betweens by placing a variety of tempting job adverts on the Internet promising the chance to earn money quickly without expending much effort. These recruits are known as mules.

The bank accounts of the mules will be used to accept transfers of money from the compromised accounts. The mules will be asked to withdraw the money from their accounts in the form of cash and forward it, minus their commission, to the fraudsters using an international money transfer agency. The fraudsters can therefore maintain their anonymity, but there is a trail to the phishing mules, which can be followed by the authorities.

Be very careful about job offers which involve the acceptance and release of funds to a bank account in return for commission. Mules recruited by phishing fraudsters are money laundering and are likely to face criminal prosecution.