Online banking provides its customers an access to perform their banking activities from anywhere via the internet. This highly convenient banking system allows customers to access account information, make transactions, and pay bills, etc. In order to keep the customers’ accounts protected, two basic security methods are offered: the PIN and TAN systems. The PIN system refers to a log-in based password whereas the TAN system refers to a password used once only.
To set up an online bank account, the user needs to follow a simple set of steps to facilitate him with this service. The steps are as follows:
Choose a suitable bank that offers an online banking system along with all the facilities and functions that are compatible for your requirements.
Select the ‘open an account’ option and choose the kind of account you wish to open. Depending on the chosen bank’s policy, it may require you to fill out an application form to process the data in their online banking systems while other banks might not require any such application form to directly access your online account. Once you enter your information and log on, you will be required to give in information like your account number and/or ATM card number along with your basic personal information such as your name, address, etc. The bank will then ask you to select a login name and password for your easy access.
After the submission of your application, wait for its approval from the bank and once it is approved, you can explore your online banking system and get acquainted with all the facilities it offers.
In order to pay bills via your online banking system, you need to assemble all of your billing information and enter it in the system. Also, make an expense record that lists your expenses such as your house rent or loans and all other expenses that come under you and enter them in the system as well.
Most banks also offer you the facility to make recurring transactions of a fixed amount on a regular basis specified by the user and ensures efficiency in paying mortgage, loans and other rents. Once you set up a recurring payment, your payments are made automatically without any worries.
Tips and comments:
Attacks in online banking are referred to as the stealing of a user’s login information and applicable TANs and problems that usually occur. Different methods are applied to attack an online user’s account for example by controlling the program used in such a manner that displays the correct transactions on the screen while the fake transactions are run in the background. There are many way in which such a situation can be avoided. For a much secure online banking system without any attacks, digital certificates and class-3 card readers should be used by the users. Moreover, virus scanners should be used to avoid Trojan Horses and special attention should be paid by the user while downloading softwares and opening e-mail attachments.
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