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What is Internet Banking?

Internet banking is the system that provides the facility to the customer to conduct the financial and non-financial transactions from his net banking account. The user can transfer funds from his account to other accounts of the same bank/different bank using a website or an online application. The customer uses a resource and a medium to conduct financial transactions. The resource that a customer uses might be an electronic device like a computer, a laptop, or a mobile phone. The internet is the medium that makes the technology possible.

The facility of internet banking is provided through banks and the customer must be an account holder with any bank to get the facility available for him/her.

Features of Internet Banking

The customer using this facility can conduct transactional and non-transactional tasks including:

The customer can view account statements.

The customer can check the history of the transactions for a given period by the concerned bank.

Bank, statements, various types of forms, applications can be downloaded.

The customer can transfer funds, pay any kind of bill, recharge mobiles, DTH connections, etc.

The customer can buy and sell on e-commerce platforms.

The customer can invest and conduct trade.

The customer can book transport, travel packages, and medical packages.

The list of benefits a user can enjoy using internet banking is too lengthy, to sum up.

Advantages of Internet Banking

The customers get permanent access to his/her bank anytime and anywhere.

Transactions are safe and highly secure.

Immediate funds transfer helps the user in time of urgent need.

It saves valuable time of the users.

Security of Internet Banking

The financial information of a customer is important. This is the reason a customer trusts financial institutions. The financial institutions keep it on a high priority that the security of customers’ accounts shouldn’t face a breach. The financial institutions are using two types of security methods to make internet banking safe and secure:

Use of PIN/TANs –Under this system, a PIN is used to login and TANs are used to conduct transactions. TANs are one time passwords. TAN is sent to the customer via SMS on registered mobile number that corresponds with the login user id. It is valid for a short time frame.

Internet banking is conducted using web browsers with SSL enabled websites, so encryption is not an important issue. It also uses signature verification as a base. Under this method, the transactions done by the customer are signed and encrypted digitally. The smart cards or any other memory storable medium can be used to store keys for signature generation and encryption.

What is e-Banking?

The facility of e-banking provided by the banks to their customers uses the internet as a medium. The services under this facility include funds transfer, payment of bills, opening bank accounts online, and much more.

There are mainly two methods to deliver e-banking to the customers:

Banks with physical presence offering electronic transaction

Virtual banks offering transaction services

Most of the banks have a physical presence and offer banking facility online. But, there are some banks that don’t have any physical presence anywhere. They are virtual banks.

Features of e-Banking

ATMs – ATM is shot form of Automated Teller Machines. These machines are actually electronic terminals which provide the customers to bank anytime. The ATM machines take inputs from the ATM that the banks provide to its customers. To make use of ATM, the user must have a password. Banks charge a nominal fee from the customers on every transaction made after crossing the specified limit of free transactions, if the transaction is done from any other bank’s ATM machine.

Deposit and Withdraws (Direct) –This service under e-banking offers the customer a facility to approve paycheques regularly to the account. The customer can give the bank an authority to deduct funds from his/her account to pay bills, instalments of any kind, insurance payments, and many more.

Pay by Phone Systems – This service allows the customer Vystar Login to contact his/her bank to request them for any bill payment or to transfer funds to some other account.

Point-of-Sale Transfer Terminals – This service allows customers to pay for purchase through a debit/credit card instantly.

Forms of e-Banking

Internet Banking – The customer uses electronic devices like computer or mobile to conduct transactions using the internet.

ATM machines – The customers can withdraw cash, deposit cash, transfer funds using ATMs.

E-cheque – The customer can transfer money using PayPal or other e-service providers.

Internet Banking FAQs: –

Do e-Banking products store personal information of the customer?

Yes, the User ID, password and user preferences are stored by online banking products.

How can I access e-Banking?

Any banking customer, who wants to use e-banking service, must fill in the e-Banking registration form and submit it to his/her bank. Once the registration is received, the request is processed. The customer has to wait for a few working days as mentioned according to the concerned bank to receive login credentials. Then only the customer can access e-banking.

On the web banking, often known as internet banking, is becoming progressively common in the last 10 years. It’s a great way to take control of your finances and a straightforward way to ensure that you’re preserving up to date with payments. More than 50 percent of us now steer clear of queuing up in bank branches by accessing our accounts directly from our computer systems, tablets or clever telephones. But How umpqua bank login can it operate and it is it Secure?

What is on-line banking?

Banking on line implies accessing your bank account and finishing up fiscal transactions by the net on the smartphone, tablet or Personal computer.

It’s brief, normally free of charge and helps you to execute quite a few tasks like paying payments and transferring money, without having to stop by or get in touch with your financial institution.

Several banking institutions even have no cost applications which Permit you use these providers from a smartphone or tablet.

Most banking companies Enable you to use your online account to:

Look at your lender stability at any time

Pay back your expenses and transfer income to other accounts

Test any joined home loans, loans, cost savings accounts or ISAs

Check your bank statements and go paperless (end getting paper costs sent for you)

Create or cancel direct debits and standing orders

Check out on any investments you might have which can be associated with your account

How protected is online banking?

Accessing your checking account on the net is normally Harmless, provided that you make sure you enter in all the proper information when building a transaction and follow a few guidelines:

Test your assertion usually and report any strange exercise to the financial institution.

Don’t reply to emails boasting being out of your financial institution that ask for private aspects or passwords.

Constantly remember to log out of your respective online banking session.

Only use safe wi-fi connections to accessibility your bank account.

Public Wi-Fi connections in many cases are not secure, so don’t utilize them for banking or to help make buys. If you’re out and about using a cell or tablet, it’s safer to use your 3G or 4G link.

Maintain your running technique and anti-virus software program up-to-day.

Select your passwords meticulously – develop it by combining a few random phrases and don’t re-use the identical just one for different accounts.

Secure cellular banking

Accessing your account via your smartphone - both making use of a website or maybe a banking app - is starting to become progressively well-liked.

It’s a quick, convenient way to control your finances and financial institutions make investments intensely in making cell banking Secure.

What if a little something goes Erroneous?

For those who detect nearly anything Bizarre on your account, otherwise you unintentionally create a payment to the wrong account, get in touch with the bank without delay.

Ways to setup on the internet banking

Virtually all banking institutions in the UK offer an internet banking provider.

To understand if you can obtain online use of your account, Examine your financial institution’s Site, provide them with a call, or pop right into a department.

For protection motives, the registration approach frequently will involve a couple of ways.

These may possibly include things like:

Going to your neighborhood lender branch,

Aquiring a password posted for you, and

In some instances, staying offered a little security product you’ll want to go online.

My lender doesn’t offer Online banking

Should your bank doesn’t provide online banking, otherwise you’re not happy with the company presented, you’re totally free to switch to a different provider.

The way to access on the internet banking with no an internet connection

Even though you don’t have an internet connection in your house, there's a chance you're in the position to obtain your online account employing a pc in a lender department.

You might also be able to entry your online bank account via a protected connection at an acquaintance or relative’s household.

We all bank online despite daily reports of hackers. So is online banking safe? We have the answers, along with ways to protect your money.

I‘ve banked online for years. First my brick and mortar bank went online. Then I opened several accounts with online banks that don’t have branches. My guess is you bank online, too.

In fact, a 2012 comScore report revealed that close to 29% of all Internet users worldwide have accessed online banking sites. This represents roughly 423.5 million people. That number is higher in North America where more than 45% of Internet users accessed bank websites.

Bank Hacking

With its increased usage, however, online banking is becoming an increasingly attractive target for hackers. In fact, over the recent years, major banks have been the prime targets of hacking attacks. Citigroup revealed that in 2011 more than 360,000 accounts were compromised in a hacking attack that left 3,400 accounts suffering losses of up to $2.7 million.

In September 2012, Iranian hackers were reportedly targeting Citigroup, Bank of America and JP Morgan Chase. When the hacks were finally reported, we learned that the attacks had been going on for close to a year even though customers have been complaining about how difficult it was to access their accounts.

More recently, McAfee Labs reported that hackers are planning to take millions from customers of major banks starting in the spring of 2013. The plan has been called Project Blitzkrieg.

And more recently, our phones are being used by hackers to access our bank accounts.

All of these highly publicized attacks raise a lot of concerns for me, not the least of which is the safety and security of our online banking transactions. Should you pay your bills online? Should you check your balance from your bank’s website? Or should you transfer funds online?

For me, the answer is yes. Here’s why.

Online banking is safe for consumers

Banking websites are hit by hacking attacks every single day. While that may be unsettling to hear, there is a silver lining. As a result of these attacks, banks continually improve their systems to effectively deal with such attacks.

In addition, even if hackers are able to steal money from your account, you will likely be protected. If you safeguarded your personal information and reported the loss immediately, the bank is likely to reimburse your account, according to Bankrate. According to the same source, federal law provides that banks must reimburse stolen funds if reported within 60 days.

Take note that Additional info this does not apply to institutional depositors. So, if your bank account is under your business name, then you are not covered by this protection.

This does not mean, however, that you should just be complacent. Online banking is safe, but you should also exercise caution when banking online. There are best practices that you should observe when you use any online banking service.

First, though, you should understand the risks of online banking.

Online Banking Risks

There are four main types of attacks that are prevalent when you use online banking services.

1. Phishing

Having an online banking account, you might fall victim to phishing. This tactic generally involves tricking somebody into clicking a link in an email message. The link often downloads software to a computer that can be used to gather sensitive information such as usernames and passwords.

Alternatively, the link may take a user to what looks like a legitimate website. Once there, the website asks for confidential information that can be used by hackers to gain access to other accounts, such as email.

2. Identity Theft

Even if hackers do not steal from your account, you can still have your account details compromised in the case of an identity theft. This includes your personal information, such as your social security number and other identifying data. These data could be used to hack into your other accounts.

Identity theft can occur in a variety of ways. Online your social security number and other confidential information can be compromised. As noted above, a phishing attack is a common method used by thieves.

Offline, however, your identity can be compromised, too. Whether it’s digging through trash or stealing your wallet, thieves have several ways to access confidential information.

3. Keylogging

If you access your online banking site on public networks, such as Internet cafes or public Wi-Fi, there is a chance that you could fall prey to keylogging. Keylogging involves a software recording your keystrokes and using these logs to get your account details. Keylogging may also be carried out using video cameras that record your keystrokes.

4. Pharming

This might be a little more difficult for hackers to carry out, but it does happen. Pharming occurs when hackers are able to hijack a bank’s URL so that when you try to access your bank’s website, you get redirected to a bogus site that looks like the real thing.

What to Do

So how do you deal with all these risks? The Federal Deposit Insurance Corporation sets forth the things that every online banking customer should do. These steps should ensure that you have adequate protection from falling victim to these hacking tactics.

1. Confirm your online bank’s legitimacy

You should be able to know if your online bank is legitimate by reading the information found on the site and whether or not it is insured with the FDIC. The FDIC has a tool that let’s you search for banks, which you can access here.

2. Be very careful with copycat Web sites

Be sure that you do not fall prey to sites that use a name that is very similar to your online bank. For example, BankofAnerica.com or Citigrop.com.

When you receive an e-mail purporting to be from your bank, don’t click any links in the email. Instead, type in the url of your bank and login. If your bank is really trying to contact you, you’ll likely find a message when you access your account. Alternatively, call the number on the bank of your debit card or latest bank statement.

3. Learn more about your bank’s security system

You should know how your bank encrypts your private information. When you are accessing the Web site, you should find a small “lock” or “key” icon to tell you that the site and your transactions are secure.

You should be able to use PINs and passwords when you access your account online. Lastly, do not send personal information over e-mail. Under no circumstances would your bank ask for personal data over e-mail.

4. Protect your computer

Hacking attacks are not always directed at banks. Because many such attacks are directed at customers, you will do well if you have the latest virus and malware scanning software installed on your computer. You should also ensure that all the software you use on your computer has been patched with the latest security updates.

In addition to this, you should not get lazy when it comes to online banking. Some banking Web sites have an option that offers to “remember your computer.” Choosing this option would allow you to bypass some security questions if the bank’s system recognizes your IP address. The problem is that hackers can spoof your IP address and make your bank think that the hacker’s computer is really yours.

In short, do not enable this feature. Yes, you will end up answering more security questions, but it is also more secure.

As in everything you do, take everything with a grain of salt. Do not click links on e-mails, do not talk to strangers, do not download anything from people you do not trust, and look both ways before crossing the street.