Online Banking helps the users to manage their financial enterprises on the website of their respective banks or through credit associations. Online Banking, not only in Europe but throughout the world, is of more relevance and is more advantageous because it prevents the customers from going through the hassle of paper-like aspects of banking. Now people don’t have to stand and wait in long queues to pay their bills and get their queries answered. On line banking is effective, resourceful and less time consuming.
With the onset of internet and more advanced technology the banking industry has improved. It took full advantage of the advancement and used it to accommodate the customers and make their lives easier. The advent of online banking goes back to 1981 when New York initiated on line services in four of its main banks; Manufacturer and Chemicals of Hanover, Chase Manhattan and Citibank. But gradually the system began to fail due to some technicalities, however it came back with vengeance in 1983 and this time in England. UKs’ Bank of Scotland began online banking and this setup groomed in the limelight and in 1994 it was properly established, not only in Europe but almost all over the world.
Online Banking is agile, more accessible and conducive than the conventional form of banking. Through online banking, bills can be paid via cell phones even. Payments can be made, loans can be taken, and account information can be verified. We can even purchase or sell anything via online banking. Some of the internet or online banking setups also offer account aggregation which enables the user to observe all of his accounts collectively whether it’s done from the main bank or other branches. It is also a secure mode of banking. Security is provided by password verification. There are two procedures of security for online banking. One is the PIN/TAN method in which the pin code, which is the password, validates dealings and transactions. Then there is online banking through signatures. These signatures are programmed and encoded digitally. Plus, the key of this signature and information is saved in memory cards or smartcards. But there is always the danger of attack on the security. Like computer can be hacked, the information regarding the PIN codes or even the signatures which are programmed digitally, can be hacked or phished too. The most common attacks to hack the information are done through Cross site scriptures or Trojan Horses. To steal the signature is quite a complicated method but still it is done in nearly every part of the world. When the signature is stolen, the user might not even notice it straight away because the real transactions are shown on the monitor but the fake ones are performed in the background. Three card class readers have been introduced to eliminate the chances of fake signature transactions. Moreover, Virus scanners should be used by customers to avoid their softwares from being hacked.
Tips and comments
If a person takes these precautionary measures as mentioned above, online banking will only add up to customers’ comfort and will save their time as well. Online banking is not only hassle free but also makes it convenient for you to carry out transactions be it day or night, without having to put in much effort!
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