Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Online Banking shopping experience:
1. Compare - without doubt the biggest advantage that the Online Banking offers shoppers today is the ability to compare thousands of Online Banking at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a Online Banking? Wrong! If the Online Banking is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about Online Banking then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling Online Banking? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Online Banking and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your Online Banking wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your Online Banking then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the Online Banking site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about Online Banking, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your Online Banking, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
Online banking (or
Internet banking) is a term used for performing transactions, payments etc. over the
Internet through a
bank,
credit union or building society's secure website. This allows customers to do their banking outside of bank hours and from anywhere where Internet access is available. In most cases a
web browser is utilized and any normal Internet connection is suitable. No special software or hardware is usually needed.
Features
Online banking usually offers such features as:
- Bank statements, with the possibility to import data in a personal finance program such as Quicken or Microsoft Money
- EBPP
- Giro between a customer's own checking account and savings accounts, or to another customer's account
- Investment purchase or sale
- Loan applications and transactions, such as repayments
- Account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions.
There are a growing number of so-called virtual banks that operate exclusively online. These online banks have low costs compared to traditional banks and so they often offer higher interest rates.
Security
devicesProtection through single password authentication, as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Online banking user interfaces are secure sites (generally employing the https protocol) and traffic of all information - including the password - is encrypted, making it next to impossible for a third party to obtain or modify information after it is sent. However, encryption alone does not rule out the possibility of
hacker (computer security) gaining access to vulnerable home personal computers and intercepting the password as it is typed in (keystroke logging). There is also the danger of
password cracking and physical theft of passwords written down by careless users.
Many online banking services therefore impose a second layer of security. Strategies vary, but a common method is the use of transaction numbers, or TAN (banking)s, which are essentially single use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. This is however slightly less secure than the TAN alternative and more inconvenient for the user. A third option is providing customers with
security token devices capable of generating single use passwords unique to the customer's token (this is called
two-factor authentication or 2FA). Another option is using
digital certificates, which digital signature or authenticate the transactions, by linking them to the physical device (e.g. computer,
mobile phone, etc). Other banks have responded not with security tokens or
digital certificates, but by setting up a combination of controls that recognize a customer's computer, ask additional challenge questions for risky behavior, and monitor for fraudulent behavior.
Fraud
Some customers avoid online banking as they perceive it as being too vulnerable to fraud. The security measures employed by most banks can never be completely safe, but in practice the number of fraud victims due to online banking is very small. This is probably due to the fact that a relatively small number of people use Internet banking compared with the total number of banking customers world wide. Indeed, conventional banking practices may be more prone to abuse by fraudsters than online banking.
Credit card fraud, signature
forgery and
identity theft are far more widespread "offline" crimes than malicious
hack (technology slang). Bank transactions are generally traceable and criminal penalties for bank fraud are high. Online banking becomes less secure if users are careless, gullible or computer illiterate. An increasingly popular criminal practice to gain access to a user's finances is phishing, whereby the user is in some way persuaded to hand over their password(s) to a fraudster.
See also
Online banking (or
Internet banking) is a term used for performing transactions, payments etc. over the Internet through a bank,
credit union or building society's secure website. This allows customers to do their banking outside of bank hours and from anywhere where Internet access is available. In most cases a web browser is utilized and any normal Internet connection is suitable. No special software or hardware is usually needed.
Features
Online banking usually offers such features as:
- Bank statements, with the possibility to import data in a personal finance program such as Quicken or Microsoft Money
- EBPP
- Giro between a customer's own checking account and savings accounts, or to another customer's account
- Investment purchase or sale
- Loan applications and transactions, such as repayments
- Account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions.
There are a growing number of so-called
virtual banks that operate exclusively online. These online banks have low costs compared to traditional banks and so they often offer higher interest rates.
Security
devicesProtection through single
password authentication, as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Online banking user interfaces are secure sites (generally employing the https protocol) and traffic of all information - including the password - is encrypted, making it next to impossible for a third party to obtain or modify information after it is sent. However,
encryption alone does not rule out the possibility of hacker (computer security) gaining access to vulnerable home personal computers and intercepting the password as it is typed in (
keystroke logging). There is also the danger of password cracking and physical theft of passwords written down by careless users.
Many online banking services therefore impose a second layer of
security. Strategies vary, but a common method is the use of transaction numbers, or TAN (banking)s, which are essentially single use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. This is however slightly less secure than the TAN alternative and more inconvenient for the user. A third option is providing customers with
security token devices capable of generating single use passwords unique to the customer's token (this is called two-factor authentication or 2FA). Another option is using
digital certificates, which digital signature or authenticate the transactions, by linking them to the physical device (e.g. computer,
mobile phone, etc). Other banks have responded not with security tokens or digital certificates, but by setting up a combination of controls that recognize a customer's computer, ask additional challenge questions for risky behavior, and monitor for fraudulent behavior.
Fraud
Some customers avoid online banking as they perceive it as being too vulnerable to fraud. The security measures employed by most banks can never be completely safe, but in practice the number of fraud victims due to online banking is very small. This is probably due to the fact that a relatively small number of people use Internet banking compared with the total number of banking customers world wide. Indeed, conventional banking practices may be more prone to abuse by fraudsters than online banking.
Credit card fraud, signature forgery and identity theft are far more widespread "offline" crimes than malicious hack (technology slang). Bank transactions are generally traceable and criminal penalties for bank fraud are high. Online banking becomes less secure if users are careless, gullible or computer illiterate. An increasingly popular criminal practice to gain access to a user's finances is
phishing, whereby the user is in some way persuaded to hand over their password(s) to a fraudster.
See also
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