Finance Banking

Online Banking Via Wi-fi And Security

Introduction

Online banking helps the customers to look out for their financial enterprises from their bank website or through credit card associations. Online banking has gained a lot of popularity among the people because of it being less time consuming than conventional banking. People don’t have to wait and stand in long lines to get their tribulations answered and pay their bills.

History

Online banking began in 1981 in America, however due to certain problems it was unable to flourish. In 1983, it was started again in the Bank of Scotland, England. From that time on, the procedure of online banking started to spread across the world and today everyone knows about it and uses it. Online banking was further advanced by the onset of internet, Wi-Fi and progress in the field of technology.

Features

Wi-Fi is a device used for connecting electronic mechanisms wirelessly. If a device is connected with Wi-Fi, for example computer, deck, laptops, it can have access to an internet connection. And because of this one can have entrée to use anything. That is why now online banking is possible through Wi-Fi. But with every new invention there is an obstacle. The Wi-Fi system has certain security issues. So, one has to be careful about using Wi-Fi for online banking. However, this problem has somewhat been solved by Wi-Fi security cards. They can be installed in your Macs, personal computers and laptops to purge the viruses and other hacking attempts. Online banking works in two ways; PIN/TAN code or through signature which is digitally programmed. But in today’s’ world the PIN code or even the digitally encrypted signature can be hacked or phished and it takes, at the most, three minutes to do that. If the encoded signature is hacked, the user sometimes not even knows about it because the real amount appears on the monitor whereas fake transactions are being carried out in the background. The risk of WI-FI technology has augmented with the esteem of service. But then virus scanners and WI-FI security cards have somewhat took hold of the situation. The prime advantage of online banking through WI-FI is that it is portable. You can shift your computer anywhere, take your laptops anywhere and not worry about the wired internet connection. It has more rapidity as well. Even if you are in a market, mall or anywhere else for that matter, you can have that access. Moreover, this facility is also available on your cell phones which make online banking even more accessible. You can sell or purchase anything, payments can be made, loans can be taken and information regarding your accounts can be verified. Sometimes the WI-FI is also liable to ad-hoc network. In this, the WI-FI connection does not have any access points among them, the signals get mixed and information regarding others banking status and accounts can be read plus hacked.  But then again this risk is being controlled by encryption methods and it is proving to be quite efficient as well.

Tips and comments

Just like everything has its pros and cons, the WI-FI also has both. However, the positive side overpowers the negativities and the risks of online banking through WI-FI are also being controlled by introducing new methods.

 

By Sidra Rana, published at 01/02/2012
   Rating: 4/5 (12 votes)
Online Banking Via Wi-fi And Security. 4 of 5 based on 12 votes.

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