Financial Consumer Agency of Canada

www.fcac-acfc.gc.ca

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4. > Online, Mobile and Telephone Banking

Online, Mobile and Telephone Banking

Most financial institutions offer a variety of options for accessing your accounts, such as telephone, Internet or mobile banking. These transactions are usually less expensive than using in-branch teller services.

You will usually need an electronic password for Internet or mobile phone banking, and a separate numeric password for telephone banking to access your account. If you sign up for Internet banking, you may also be able to choose to receive your monthly bank statement electronically or view your transactions online.

How to protect yourself when using online or mobile banking:

• Do not use public Wi-Fi or public computers when doing on-line banking.
• Make sure that the websites you are using are encrypted. Look for the lock symbol on the website or “https://” at the beginning of the website address. (The “s” means “secure”.)
• Make sure that your anti-virus protection is up to date and that you are using the latest version of a Web browser.
• Only have one browser window open at a time when doing online banking to help protect against “packet sniffing”.
• Make sure to close the browser window when you’re done banking and empty the memory cache by clearing your browser history.
• Always enter the website address in the browser yourself— never use a link.
• Do not allow your computer to auto-remember your password.

Most financial institutions offer an online security guarantee and will reimburse you for any unauthorized transactions made through their online service if someone gets unauthorized access to your account and you suffer a financial loss. The Canadian Bankers Association and its members have agreed to be bound by a voluntary commitment for online payments. FCAC monitors federally regulated financial institutions’ compliance with this commitment.

However, remember that it is your responsibility to keep your debit and credit card information, including log-on IDs, passwords and PINs confidential. Otherwise, you may be liable for any unauthorized transactions. Check with your financial institution to find out about its online banking policy.

Related Resources

Date Modified:

2012-07-31