Online banking is a convenient, cost-effective and secure way to manage your money as long as you follow some basic guidelines and use a little common sense.

By transferring money between accounts and paying bills online, you can avoid the bank charges associated with drawing cash or writing cheques as well as the risks associated with carrying wads of cash or losing your chequebook.

But familiarity and convenience can result in carelessness. New internet banking users are usually very security conscious. You read the security tips and follow them to the letter, but over time, as you may become more confident, you could also become more lax.

Stay vigilant

So, what happens?

Well, you could just walk past an internet cafe and quickly pop in to check your bank details online or internet bank over unsecured wireless connections, allowing the browser software to save your personal identification number and password so you don?t have to enter it every time.

Click here to enter!

Or maybe you just haven?t updated your anti-virus software. These all potentially increase the possibility of someone else being able to access your accounts.

Rather than become complacent, try to cultivate some good online banking habits that will enhance your security profile.

Here are eight tips to being safe online:

  1. Regularly update your anti-virus software. Most modern anti-virus packages prompt you to do this. If yours doesn?t, make a note to update it at least every six months.

  2. Change your password every two to three months and memorise it; never write it down and certainly don?t save it on your computer or laptop. If this is stolen, you could lose far more than just the hardware.

  3. Don?t ever disclose your PIN or password to anyone, whether verbally, by email or online. Your bank will never send you an email asking for your password or other details. The only time you should provide this is when you?re prompted by the logon page on the online banking website ? and then only if you?re working on a secure connection (ensure that the 'http' is followed by a 's').

  4. Always log off when you?ve finished transacting online. Although online banking sessions usually terminate automatically if there?s no activity for eight or ten minutes, it?s advisable to log off manually. And don?t, under any circumstances, leave your computer unattended while you?re banking online. If you?re interrupted, log off and start again.

Four more tips on page two...