According to a survey by Pew Internet, 42 percent of all Internet users bank online. Unfortunately, 76 percent of the websites analyzed were found to suffer from at least one design flaw, which appear not to be widely understood, even by experts responsible for web security, the study shows.

Out of the 214 websites surveyed, 30 percent of them were found to break the chain of trust, 47 percent of them presented a login page on an insecure page, 55 percent of them presented contact and other sensitive information on insecure pages, and 31 percent of them allowed e-mail addresses as user names. Only 24 percent of all websites were found to be completely free of any design flaws.

Based on the high occurrence of secure usability design flaws on financial websites, the they believe that the experts in charge of these institutions do not test for them. This makes users vulnerable to social-engineering and offline attacks as a result of their information being displayed on an insecure page.

The study revealed that while most financial websites today take traditional steps to secure their websites, most of them remain inadequately protected against security usability design flaws, which can prevent users from making proper security decisions.

Here are some practical ideas to save you from Online Banking frauds/flaws

Watch Secure Transaction Symbol

Make sure the merchant has a secure transaction system before providing credit card or other sensitive information. Don't trust a site just because it claims to be secure. You should always ensure that you are in a secure environment. Look for the secure transaction symbol on your screen before entering your credit card number. This will look like a padlock on the very bottom of your browser. Do not enter credit card information without seeing that symbol. Many merchants now use anti-fraud technology like Verified by Visa to protect your payment card information.

Shop Online With Trusted Companies

Shop only at Internet merchants you know and trust. Do your homework on the company or individual to ensure they are legitimate. Reputable merchants will have easy-to-find information about themselves, their location and contact numbers.

Avoid Rushing to buy Time limited Stuff

Don't be pushed or rushed into buying an item, especially by "limited supply" or "time limit" warnings. Use common sense - apply the same discretion online as you would when shopping for something in a mall.

Prefer Buy Locally in Your Country

Buying internationally involves more risk so be extra diligent when dealing with companies outside your country. Different laws and standards apply, and it may be difficult to get local authorities to act on a complaint if something went wrong.

Know what you're buying and paying for a Item (not too cheap is bad)

In the online world, you can't touch a product or see the salesperson so make sure there is detailed information on the website to allow you to make an informed decision. What are the terms of the contract? Is a warranty offered? What's the merchant's payment policy? How do they handle complaints and returns?

Check Other Costs (Shipping and handling)

Understand all the costs involved. Shipping and handling fees are usually additional. A reputable merchant will calculate and inform you of all applicable costs before you make a final decision to purchase an item. And don't forget to convert foreign currencies into your currency if the merchant doesn't do so for you.

Unsolicited Emails

Beware of unsolicited emails offering cut-rate prices, get-rich-quick schemes and other seemingly incredible opportunities. If the offer sounds too good to be true, chances are it is.

Online Auctions

Be careful with online auctions. Before you bid for an item, understand as much as possible about how the auction works, what your obligations are and what the seller's obligations are. Verify who is selling the item. Better sites will keep records of sellers and customer satisfaction with them, and should also have dispute resolution mechanisms.

Read Contract

Always read the terms of the contract before buying. Any thing or services

Save Confirmation Page

Always print and save the confirmation page when completing an online purchase, as well as contract terms. Make your own notes of all transactions and store them in a secure place.

Check Bank/Credit Card Statements

It's crucial that you always check your credit card and bank statements as soon as they arrive to ensure all charges are correct. Look for extra or missing transactions and report any discrepancies immediately.

Protect your information

Read the policies of the websites you visit, especially the disclosures about a website's security and its privacy policy on collecting and using your personal information.

Personal Information Private

Keep your personal information private. Do not disclose your address, telephone number, Social Insurance Number (SIN) security number or email address unless you know who is collecting the information, why they are collecting it and how they plan to use it. Never disclose your passwords.

Channel Secure

Only provide personal information over the Internet when you know that the communication channel is secure.

Browser Cache

Clear the cache of your browser after visiting secure sites. This will ensure that nobody else can view any confidential information you may have transmitted.

Password Change

Change your password regularly, use hard-to-guess passwords and never share your password with anyone.

Hard Password

Make sure you have secure password with digit character and number. Do not use your children names.

Immediately Notify

If you think you've given credit card or banking information to a fraudulent site, immediately notify your Credit Card Company and/or financial institution.

Protect your computer

Ensure you have and always use the latest anti-virus software, the latest anti-adware software and a personal firewall. Operating system vendors such as Microsoft provide free software updates that include important security enhancements for your computer and browser. Also, anti-virus software needs frequent updates to guard against viruses. Ensure that you download these updates as soon as they are available.

Spam

Avoid opening and reading unsolicited emails ("spam") from any Internet merchant, especially those containing attachments. Simply delete them. Unsolicited email can contain computer viruses.

Proper Signing Out

Never walk away from your computer without properly signing out from online banking.

Protect your children

Scams often target children and teens, who don't always appreciate the real costs of some purchases or the implications of giving out personal information. Teach them to be aware of the risks of Internet fraud and how to protect themselves.

SOME JOKES

1. HELPDESK: Hello, Friendly Internet. May I help you?

CLIENT: Oh, hello young man. I was wondering if you offer online banking.

HELPDESK: We're an Internet service provider, ma'am. You can certainly use our service to connect to online banking.

CLIENT: What do I need to do that?

HELPDESK: You just need the modem in your computer. That plugs into a phone jack. Sign up for an account, and sign up for online banking with your bank.

CLIENT: But where does the money come out?

HELPDESK: I'm not sure I understand?

CLIENT: You know...Does the money come out from that slot on the computer?

2. Client: I cleaned my computer and now it doesn't work any more.
HELPDESK: What did you clean it with?
Client: Soap and water.
HELPDESK: Don't you know you're not supposed to touch a computer with water?
Client: Oh, it wasn't the water that caused the problem...it was the spin dryer!

3. Client: I think I've got a bug in my computer.
HELPDESK: Does your computer make a humming noise?
Client: Yes.
HELPDESK: Then it must be a humbug!