Legal Law

Internet banking security now further enhanced

Guarantees against online fraud are what most consumers look for in Internet banking services. Since money is an important consideration here, they only want the best protection for their savings and investments. Regardless of whether they are banking at a brick-and-mortar institution gone online or an online-only bank, consumers demand security.

Banks are working hard to convince customers to give Internet banking a try. 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, today anyone can conduct all kinds of financial transactions online from the comfort of their home or office. Aside from security 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 conducting transactions, going paperless is actually a protection in itself. As an example, a bank’s website may 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 your trash can.

Encryption technology is the most widely used to protect websites. Since the data passes through shared systems or networks in which a large number of people have access to the information, this tool plays a fundamental role. It is in this sense that sensitive information, particularly passwords, must be encrypted to prevent it from leaking to others and from being tampered with. Using a digital signature is another security technique that also involves encryption.

While encryption is not yet used, 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 purpose of preventing phishing, a fraudulent online activity. However, only a few use this technique due to weaknesses in the system.

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 alerts whenever suspicious transactions occur on their account, such as large withdrawals, receiving emails from phishers, or someone trying to access an account with the wrong password. .

Many major banks also provide scanned images of canceled checks. The check image shows not only 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 is not surprising then that Internet banking customers are growing in number.

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