How do you know if 1 online bank is more secure than another?
Even if you personally take all the necessary steps like having a fairly strong password and any 2-step authentication steps the online bank makes available to you there is still the possibility that the online bank's system is breached institutionally so your data can be compromised. What do people look for when deciding if an online bank is as secure or more/less secure than another?
4 things that come to mind are:
1. How profitable they are. If they make more $ is it safe to assume they are more secure?
2. How much $ they invest in online security. I have never seen a list of how much $ each Canadian bank invests in security or online security. Has anyone?
3. How many years they have been in business. The longer the better but that is still not a credible way to assess their online security status/rank against others. Does each bank have to report how much $ they have lost each year to fraud? If so has anyone ever seen a list comparing who has lost the most to fraud in 1 year?
4. The look and feel of the bank website. Some sites like Zagbank have a less developed online look and feel than others. That may be an indication of a higher/lower level of investment in their design yet is that an indication they are more or less secure than others?
As I move more of my funds to online banks with the higher rates like EQ and as more of them pop up I can't help but wonder how they might rank in terms of online security vs others.