Tuesday, February 1, 2011

Reasons to Consider Online Banking

Are you in charge of a bank that does not have an online system? Are you a customer who does not use the online system provided by your bank? An online banking system is a valuable thing. You will learn reasons why it is important to use this.

First: If you run a bank, you might get an increase in the amount of business you have. Many consumers prefer to shop at home and do other things over the Internet; therefore, it should help you to have a web site for your bank that allows customers to check and handle their transactions and records.

Second: The online banking system provides customers the opportunity to see their monthly statements online instead of getting them in the mail. This allows banks to save money on postage and stationery costs. Customers are able to reduce their clutter while spending less time opening mail and running sensitive documents such as bank statements through a paper shredder. Additionally, the environment benefits as fewer trees have to be cut down to make paper.

Third: Transfers can be made. You can take money out of one of your accounts and put it in another.

Fourth: You can easily check your records. Instead of waiting a while to see a record of the transaction you just made at your bank, you can see it as soon as you get home.

Fifth: It is very affordable. You are not likely to have to pay a fee for banking online.

Sixth: You have unlimited access. You can make any account transfer at any time.

Seventh: You reduce your risk of being a mugging victim. If you need money during the hours your bank is closed, it is safer to go online and withdraw money from your savings account into your debit card checking account than it is to use your bank's automatic teller machine.

Eighth: You do not have to worry about losing your bank card while going online. There is a chance that if you forget your ATM card pin number and take too long to do your transaction while using the machine, the machine will keep your card, forcing you to come back to get it when the bank is open again.

Ninth: You do not have to carry money you withdraw. You can withdraw money to your debit card online instead of going to the bank and running the risk of being robbed of your money afterward.

Tenth: This will save you time. You can avoid spending ten minutes or more filling out a transaction slip and then spend more time waiting in line at the bank.

You have learned the importance of using an online banking system.



By: Todd Hicks
Todd Hicks owns Skill Development Institute, an enterprise that provides a keyboard typing lesson and academic study guide. To become a great typist or student, visit Skill Development Institute. http://sdinst.blogspot.com

Saturday, January 15, 2011

How Dangerous is Online Banking?

The World Wide Web does not limit its audience. As a matter of fact, it is easily accessible to everyone-from children to adults-and everyone seems to be taking advantage of this 'opportunity.' More and more people are now getting comfortable with technology, and as a result, a lot of people are transacting online and performing their everyday transactions over the internet.

Online banking is a recent innovation that was an offshoot of the accessibility of the internet. This new trend can boast of incredible rates and millions of subscribers. With more and more people taking advantage of the accessibility provided by the internet and the mobility afforded by high-tech gears and devices, online banking is the newest hype in the banking industry.

However, it is worthwhile to mention that despite the convenience, online banking always comes with some form risk and dangers. A lot of people who transacted online compromised their accounts and some even became victims of identity theft.

Scammers and identity thieves have made the internet a risky place to conduct transactions. One of the most famous strategies that they use is called phishing. In phishing, scammers put up bogus websites which are either replicas of legitimate sites or an independent site whose primary motive is to collect personal information like bank accounts, PINs, passwords and other personal identifying information.

They then proceed to sending email messages to their victims which often contains a link that will redirect them to the bogus site. Once the personal information are captured, they are stored and either sold or used for personal gain.

Another reason for insecure online banking transactions are unsecured computers. These units have been compromised either by viruses or because the computer is connected to an unsecured wireless network.

Most computer hackers who gain access to the victim's information either hack the data directly from the computer, or as it is sent from the victim's computer to the bank's computer.

Scammers and identity theft criminals can also use intimidation and other tricks to lure victims into providing their personal information. For instance, an internet user might receive an email from a certain hacker which informs him or her that the victim owes them some money from previous orders and non-compliance can result to legal actions.

Of course, the threats of online banking are highly sensationalized. Even the press makes the issue seem very hot, thus people are always looking at these innovations with a negative perspective.

It should be noted, however, that in real life, even ATM machines can be rigged by identity theft criminals or scammers to get the users' personal information and even 'banking people' who have access to the account details of their clients-like bank tellers-can illegally collect their customer's personal information. No single router is perfect.

Of course, despite the risks, people are not intimated or taken aback. People still continue to conduct online transactions although they are more careful with the entire process as they check out security certificates and other security measures afforded online and by the bank itself.



By: Tina L. Douglas
Tina L. Douglas is a well established author on the topic of identity theft.
For more advice and information on identity theft protection, http://5identitytheftprotection.com/