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| Common Online Banking |
With the abundance of new possibilities offered by the Internet, the formerly traditional practices connected to bank procedures have improved considerably. One of the modern age developments is common online banking. This widely spread banking service faces all the modern challenges as well as satisfies the needs of various types of customers. |
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Most banks provide online banking service nowadays, which has as its most important advantages accessibility and portability completely free of charge. These mean that you can have non stop access to your account, and can manage your transactions while the traditional bank office is actually closed. And you are not stuck to any place, you can do this anywhere, at any time, all you need is a computer connected to the wide web.
To make online usage an easy and pleasant experience for customers, banks have developed common online banking features. These are usually grouped in two categories: general services and technological issues.
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| General online banking features: |
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- you can consult and view your account to check out your current financial situation, and your transactions’ history. You can also manage your online savings deposit with this option.
- you can transfer funds from your account to another customer’s account (Wire transfer)
- you can settle electronic payment for goods and services (Electronic Bill Presentment & Payment, called EBPP). Actually you can pay off all your bills in one day, from the comfort of your own home, without running to and fro between the various public utility companies.
- you can manage your investments (buying or selling shares, stocks, funds)
- tracking down your money: this means that you can easily find out how much you’ve spent on various goods (payment clearing, shopping etc.), therefore you can draw up a plan to save money, by categorizing your incomes and outgoings
- you can apply for online loans
- you can use the services of the third party accountant software, which means that you can send your account histories to a third party (this is especially useful if you have your own business, with many bank accounts)
- your money works for you: you can pay for goods and service later than you could if you had to use traditional mailing, thus that amount of money stays on your account longer, and makes more interests.
- email alerts whenever your debit card is used (either for regular or internet shopping) so you can easily detect frauds.
- and last but not least, it is a time saver: you won’t have to drive down to your branch, wasting time and petrol.
In spite of all these positive aspects, there are people who still feel intimidated by online banking. Those who do not take advantage of online banking are usually concerned over security and privacy problems. |
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One of the most important issues to be discussed here is: privacy policy. Banks are doing their best to avoid frauds, all you have to do is to read and consult their privacy policy carefully. Frauds can be of many types:
- Phishing.
This is the most common form of fraudulent activity. Hackers send you an email mimicking the official website and logo of your bank, asking you to provide them your personal details and account information. You should delete these scams immediately.
- Spoofing
It is very similar to phishing, as you receive an email in which you are asked to click on a link which redirects you to a page which looks like the bank’s website. Do not click on any of these links, and never enter your personal details in the required forms.
- Pharming
Similarly to spoofing, criminals make up false web pages and try to redirect you there. Always look for the yellow padlock icon at the bottom of your browser window. Or you can check out that the respective page address has an 's' after the http (https://). If you can spot these, it means the page is secure.
- Key tracking.
Some criminals use particular soft-wares that can record the keys you press when you use online banking. Once they have the numbers, they can easily log in to your account. Therefore never use online banking in Internet cafes, or other public places where hackers can easily install this program.
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| What else can you do for your protection? |
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- Make sure the computer you use has firewall, updated antivirus, and anti-spy soft-wares installed. Most banks offer these programs free of charge to their customers.
- Password should be not too obvious (like your name, birthday, or telephone number), but try to make it up from letters and numbers. Don’t save passwords to your desktop, and click no to the browser’s request whether to remember your password or not.
- Confidentiality should be your priority. That is to keep your bank details only for yourself (PIN numbers, ID numbers, login codes etc.)
- Log off. After you’ve finished using your online banking account, never just shut the browser window, but log out correctly, even this takes a bit more time.
- Double check before you transfer. When you want to make a payment, check out the other account numbers again. If you enter an incorrect number, your money won’t be recalled, it will be transferred somewhere else.
- Be quick. If you notice suspicious transactions on your account, contact your branch immediately, and ask for the blocking of your account.
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