INTERNET OR MAIL – WHICH IS SAFER?

The Gartner Group recently reported that security fears of using the internet are resulting in fewer people logging on and accessing their accounts. A report commented that 46% responded they are changing their online behavior in response to these threats. Of this group half are shying away from on-line banking or on-line purchases.

At KnightsBridge Castle, when we assist clients in risk reduction strategies, one of our interview questions asks clients as to whether they use the internet to access banking and financial records. When asked, client often think we will advise that they not do so. They are wrong. We urge all of our clients to check banking and financial records online and frequently.

The risk trade-off is this. Frequent on-line checks can detect problems far faster than waiting 30 days for the statement to arrive. Further we consider the internet far, far safer than the mail. If you maintain good surfing habits with quality virus/spam/phishing software you will be reasonably safe. The mail is a very unsafe medium in which to receive confidential personal information such as financial statements.

We recently made a check of one of the on-line credit card systems and made a purchase at a store 100 yards from the office. We returned to the office and checked the account and there was the transaction.

KnightsBridge Castle advice on Internet or Mail? – Use the Internet and cancel the paper mailings of your account statements. Eliminate paper and mail theft of your critical data. Also check your account status frequently, perhaps every Sunday morning. Don’t wait for a paper statement every 30 days.