Managing money has never been easier than it is now, thanks to the convenience of online banking. Online banking is one of the best developments in the field of technology which also promotes financial literacy.
Fast and convenient internet banking is available for everything from bill payments to money transfers to the setting up of fixed deposits. It’s no longer necessary to go to the bank or wait for a paper statement to find out our balance.
Internet banking has eliminated the need to go to the bank and wait in a long line, making all banking functions available in a matter of minutes. However, while online banking has made our lives easier, it has also made it easier for perpetrators to steal our personal information.
How does Online Banking Function?
Using online banking, a user can perform financial transactions over the Internet. The terms “online banking” and “Internet banking” are interchangeable.
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Deposits, transfers, and online bill payments are just some of the many services that customers can access through an online banking account. Almost every financial institution offers some form of online banking, whether it’s through a desktop site or a mobile app.
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As long as you have a computer or smartphone with access to the Internet and an account with a bank or credit union account eligible for internet banking, it’s easy to get started.
What Are the Benefits of Using Online Banking?
You can pay your bills, transfer money, and see a record of your checking account transactions all from the comfort and convenience of your own home. At any time of the day or night, banking from your couch makes everything you do with your finances a little bit more simple.
Here are the rest of the benefits of doing online banking:
1. Save Time
Most people avoid going to the bank because of the lengthy waits. Make no mistake: It doesn’t have to be this way all the time. If you use online banking, you won’t have to waste time waiting in line at the bank. In the meantime, you can take care of other urgent matters.
Access Your Bank Records Anytime, Anywhere
When you use online banking, you can see where your money is 24/7. It’s much easier and more convenient to keep track of your money now. You can access your information online at any time, from any location.
Even if you’ve misplaced your receipt, you can check the status of your purchase online. Additionally, this will allow you to see if your bank has any incorrect information that needs to be corrected. An issue can be solved more quickly if it is discovered early on.
3. Transfer Funds Across All Banks
In addition, online banking makes it easy to transfer money between accounts. Set up your online banking and check to see if all of your accounts are included.
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You don’t have to go to the bank again because you can make transfers from home. Also, you can check your account’s balance before sending money.
Deposit Cheques Online
Instead of driving to a bank and waiting in line, you may be able to deposit cheques online in just minutes.
Most financial institutions have an app that allows you to access their services from your phone, so you can do your banking whenever and wherever you like.
In addition, you may be able to reach a customer service representative at any time because some banks provide 24-hour customer service.
What Are the Potential Security Risks to Online Banking?
With great advantage comes great responsibility. Online banking still requires careful use and being aware of these risks is one way ahead to defend them.
1. Using Unsecured Wireless Internet (Wifi) Connections
People who use their computers or mobile devices for electronic banking will be thrilled to have access to free Wi-Fi while doing so. In spite of its cost-effectiveness, the user may end up paying more if something goes wrong.
In some cases, cybercriminals use these Wi-Fi connections as bait to gain access to their victims’ PCs or mobile devices. Internet users who use free Wi-Fi connections are at risk of having their personal information stolen by hackers.
2. Phishing Risks
In order to carry out cyber atrocities, internet fraudsters use a technique known as phishing to gain access to their victims’ private information. Phishing is the act of sending emails or links that appear to be from a trusted source to unwitting victims.
An email or link that asks for personal information can be all it takes to attack a victim’s financial security with one click.
To be on the safe side, customers should exercise caution when clicking or opening links in emails because it is difficult to tell which emails are coming from legitimate sources. In the event that you have any doubts about a link or an email, you should throw it away and call your financial institution.
How to Maximize the Security of Your Online Banking?
Bank safely and securely online by following these simple steps:
1. Change Your Password as Frequent as Possible
The best way to keep your account safe is to change your password frequently. Always use upper and lower case letters, numbers, and special characters instead of just a single word in your writing.
The more characters in a password, the better. Your maiden name, your street address, or even the name of your pet are all too obvious indicators of who you are so refrain from using these.
Use a Credible VPN or Firewall
If you find yourself using public Wi-Fi often, use a Virtual Private Network (VPN) or stick to your cellular data when accessing your bank accounts. Public Wi-Fi is often unsecured, meaning anyone with the right skill set can read your sensitive information. Click here to learn more about the advantages of using VPN on desktop and mobile.
3. Use 2FA (Two Factor Authorization)
As an additional security measure, 2FA uses SMS (or text message) to send a code to your mobile phone. After receiving the code, you enter it into the device, and it is registered.
Online banking is a great loop in the industry of technology and financial literacy. A lot of advantages can be named, but being vigilant of the risks and acting on the important steps will make a great difference.
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- 1 How does Online Banking Function?
- 2 What Are the Benefits of Using Online Banking?
- 3 What Are the Potential Security Risks to Online Banking?
- 4 How to Maximize the Security of Your Online Banking?
- 5 Conclusion