Some people are not comfortable with online banking due to several technical and security challenges. On the other hand, you cannot do business online if you do not trust your internet banking company.
The fact of the matter is there are always crooked people trying to access bank information. It is just a modern version of the old-fashioned bank theft. However, internet banking companies go to great extents to avoid this.
Internet or online banking should be done only via protected connections. There are actually two modes to ensure you have one.
The very first and foremost one is to look near the line where you type in URL’s. If you have a secure connection, there should be a closed padlock there. Besides, the web address should say https://” The “s” signifies a secure connection for your online banking.
Encryption is the first line of defence for online banking security. Banks normally have 128-bit security and require you to have it on the browser you use. Encryption is basically just a formula that puts your information into a code. That code is indecipherable without a key.
Several banks use the Secured Socket Layer encryption for consumers’ internet banking transactions. This is a special form of encryption. The system will use a different master key to put each transaction into code and then that code will not be used for other transactions.
Banks also spend considerable amount of time to their firewalls. They want to be assured that their online banking system is fully protected from attacks over the internet. Thus, they are not connected directly to the web. Their connection is made through a firewall which blocks unwelcome action on the server.
Internet banking companies also hire Highly skilled consultants to deal with security related matters. They organize this by trying to hack into the bank’s secure server. Once they get grip on this task, they know how it can be done. Then, they come up with methods to prevent it from happening.
One system that has come from using such consultants in internet banking is the use of two factor authentication. With this method of security, an access number will be sent to you over your mobile device to use with your other identifying information. With all this information together, you can access your account. This is more secure.
Majority of internet banking institutions will also protect you from yourself in some ways. If you are using your computer to go online and do internet banking transactions, you cannot let the computer sit idle. If you do not use it for a certain period of time, the bank will end your session and your will have to do a secure log-in all over again. This prevents anyone from finding your account page open and using it without your consent.
Clicks to bricks banks will often give you a username and a temporary password. You will then choose your personal password and other security features. Virtual banks will allow you to choose both your password and your username. They will never have access to this information. This means that it is secure for you to use.
Online banking is a challenging task for some people. Particularly for those who did not grow up with computers, it may seem a little weird and insecure to manage money online. On the other hand, online banking security makes everyone comfortable.
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.
Please do your own research.