Finance Banking

What Is Internet Banking?

Internet banking is nothing but doing various banking activities over the internet. Internet banking is also known as online banking or e-banking. Globalization of banking sector and rapid growth of internet had led to idea of internet banking. Internet banking has very vast reach and it has only become possible due to advanced internet technology used by the banks. For global banking internet has become an essential part without which it would be very difficult to transfer funds to any part of the globe in few minutes.

Internet banking provides wide range of services to its users. Through internet banking one can check the current account balance at anytime of the day because there is no time restriction like in branch banking. Online banking is available 24x7 which allows a user to transfer funds at any time. You can even download details of all your transactions. Through online banking you can download and apply for various bank accounts and services.

The growth of online banking has seen rise in hacking of online bank accounts hence for online banking internet security should be of top-class. There are many hackers who have tried to hack the network of banks but all banks who are in online banking have high security level hence it is impossible for hackers to hack their servers to get vital information about their clients hence hackers are indulging in phishing activity to crack online accounts.

With internet banking phishing activities have increased by many folds. Hackers have made web-pages just like that of all banks and are continuously targeting various people through emails in hope that those who use online account would enter their login information on the dummy webpage which might help them to hack online accounts. Such phishing activities have helped many hackers in cracking several online accounts because new customers who don’t have knowledge about phishing activities unknowingly click on email links and enter their data thinking that it is from their bank.

Always remember in case of online banking internet connection should be secure because many hackers do have expertise to hack information while it is transmitted on the world-wide web. If you use an unsecured connection then also there is a strong possibility that the page you are accessing might get opened at some other place and this could be very dangerous and could lead to hacking of your online account.

Internet banking is very useful for corporates because it allows them to handle all MIS activities and they can also do online trading with their internet banking account. They can transfer funds in bulk to any part of the globe and can also manage salary account of their employees through online banking. Corporates can handle various accounts of their business associates through their own online banking account for transferring funds.

Tips and comments:

Internet banking has wide scope and is fast as well as reliable provided if you take certain precautionary measures. For online banking internet café should not be used because in such cafes the computers are shared by many users hence your private login information might get stored on some file which might be used later to hack your internet banking account.

By HANIF QAZI, published at 07/12/2011
   Rating: 4/5 (10 votes)
What Is Internet Banking?. 4 of 5 based on 10 votes.

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