Online Banking
Friday, November 6, 2009
Online banking is the practice of making bank transactions or paying bills via the Internet. Thanks to technology, and the Internet in particular, we no longer have to leave the house. We can shop online, communicate online, and now, we can even do our banking online. Online banking allows us to make deposits, withdrawals and pay bills all with the click of a mouse. It doesn't get much more convenient than that.
In the UK over 40pc of the adult population (nearly 20.6m people or 55pc of internet users) now bank online. Most fraud on online bank accounts involves a customer being duped into giving away their user passwords and security information.
Because the banks' own systems have proved difficult to attack, criminals have turned their attention to getting information directly from online banking customers themselves. The two most common attempted scams currently used by online fraudsters are phishing and spyware.
Advantages of online banking
* Convenience: Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away.
* Ubiquity: If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7.
* Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
* Efficiency: You can access and manage all of your bank accounts, including IRAs, CDs, even securities, from one secure site.
* Effectiveness: Many online banking sites now offer sophisticated tools, including account aggregation, stock quotes, rate alerts and portfolio managing programs to help you manage all of your assets more effectively. Most are also compatible with money managing programs such as Quicken and Microsoft Money
February 7, 2017 at 2:34 PM
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