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Still looking for deals on Online Banking ? Find our amazing Online Banking offers at our top source site today where we have compared Online Banking for you. ask.com About Online BankingOnline banking (or Internet banking) is a term used for performing transactions, payments etc. over the [Internet] through a [bank], [credit union] or [building society]'s secure website. This allows customers to do their banking outside of bank hours and from anywhere where Internet access is available. In most cases a [web browser] is utilized and any normal Internet connection is suitable. No special software or hardware is usually needed. Features Online banking usually offers such features as:
There are a growing number of so-called [virtual bank]s that operate exclusively online. These online banks have low costs compared to traditional banks and so they often offer higher [interest rate]s. Security devicesProtection through single [password] [authentication], as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Online banking user interfaces are secure sites (generally employing the [https] protocol) and traffic of all information - including the password - is encrypted, making it next to impossible for a third party to obtain or modify information after it is sent. However, [encryption] alone does not rule out the possibility of [hacker (computer security)] gaining access to vulnerable home [personal computer]s and intercepting the password as it is typed in ([keystroke logging]). There is also the danger of [password cracking] and physical theft of passwords written down by careless users. Many online banking services therefore impose a second layer of [security]. Strategies vary, but a common method is the use of transaction numbers, or [TAN (banking)]s, which are essentially single use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. This is however slightly less secure than the TAN alternative and more inconvenient for the user. A third option is providing customers with [security token] devices capable of generating single use passwords unique to the customer's token (this is called [two-factor authentication] or 2FA). Another option is using [digital certificate]s, which [digital signature] or authenticate the transactions, by linking them to the physical device (e.g. computer, [mobile phone], etc). Other banks have responded not with [security token]s or [digital certificate]s, but by setting up a combination of controls that recognize a customer's computer, ask additional challenge questions for risky behavior, and monitor for fraudulent behavior. Fraud Some customers avoid online banking as they perceive it as being too vulnerable to fraud. The security measures employed by most banks can never be completely safe, but in practice the number of fraud victims due to online banking is very small. This is probably due to the fact that a relatively small number of people use Internet banking compared with the total number of banking customers world wide. Indeed, conventional banking practices may be more prone to abuse by fraudsters than online banking. [Credit card fraud], [signature] [forgery] and [identity theft] are far more widespread "offline" crimes than malicious [hack (technology slang)]. Bank transactions are generally traceable and criminal penalties for bank fraud are high. Online banking becomes less secure if users are careless, gullible or computer illiterate. An increasingly popular criminal practice to gain access to a user's finances is [phishing], whereby the user is in some way persuaded to hand over their password(s) to a fraudster. See also
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