Guarantees against online fraud are what most consumers look for in Internet banking services. Since money is an important consideration here, they just want the best protection for their savings and investments. Regardless of whether they are banking at a physical institution that has gone online or at an online-only bank, consumers demand security.
Banks are working hard to convince customers to try Internet banking. Internet banking security features are now more advanced, giving customers every reason to bank online for added convenience and many more benefits. With ever-improving Internet technology, anyone can now conduct all kinds of financial transactions online from the comfort of their home or office. Aside from safety and convenience, internet banking is also profitable with less or sometimes no fees.
Research experts say that while some consumers see no benefit in going paperless when making transactions, going paperless is actually a protection in itself. As an example, a bank’s website can now allow you to view your bills and statements online in an instant instead of waiting several weeks. This means there’s no chance of your phone and credit card statements being taken from your mailbox or trash can.
Encryption technology is the most widely used to protect websites. Since the data passes through shared systems or networks where a large number of people have access to the information, this tool plays a vital role. It is in this sense that sensitive information, particularly passwords, must be encrypted to prevent them from being leaked to others and from being changed. The use of a digital signature is another security technique that also involves encryption.
While encryption is not yet in use, several large banks now use the latest web-based security system known as SiteKey. The tool uses a new type of authentication process with the main goal of preventing phishing, a fraudulent online activity. However, only a few use this technique due to system weaknesses.
The use of usernames and passwords, as well as personal identification numbers or PINs, are among the standard security features provided by most banks. Therefore, it is highly recommended that confidential information is not shared with anyone to avoid so-called identity theft.
Email alert is another safeguard used by banks. With this feature, customers receive email or text message alerts whenever there are suspicious transactions on their account, such as large withdrawals, when they receive emails from phishers, or when someone tries to access an account with the wrong password. .
Many major banks also provide scanned images of canceled checks. The image of the check not only shows the front but also the back. This will help the customer verify the check number, amount, and payee in case they forget the information.
Banks are committed to providing their customers with the best online security in an effort to protect their hard-earned money. It’s no surprise then that Internet banking customers are growing in number.