ONLINE BANKING : ONLINE BANKING By:
Ronald Aguilar
Juliet Hui
Mary Joy Pascua
Definition: : Definition: Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.
Things you can do : Things you can do Download Banking Transactions.
Download Credit Card Transactions.
Online Bill Payment.
Quickly Verify Bank Balances.
Transfer Money
Open and Close accounts
Things you can do : Things you can do Check account balances
Balance a checkbook
Track recent account activity
Order traveler's, cashier's, and regular checks
Issue stop payment requests
Apply for auto, mortgage, home equity, student, or personal loans
Receive investment product and service information
Advantages : Advantages Convenience
Ubiquity
Transaction speed
Efficiency
Effectiveness
Inexpensive
Disadvantages : Disadvantages Start-up may take time: Technical difficulties
Learning curve
Bank site changes
Need an account with an Internet Service Provider (ISP)
Security concerns, like "hackers" accessing your bank accounts
Switching banks can be more cumbersome online than in person
Must have basic computer skills and Internet knowledge
Must be comfortable using a computer
Security Concerns : Security Concerns Digital Encryption
Usernames and PINs
Time-Out
Anti-Virus
Anti-Spyware
Firewalls
Password Protection Is The Key
Be aware of Phishers
What banks should do : What banks should do • Banks need to implement higher levels of security and authentication for "high risk" transactions, "involving access to customer information or the movement of funds to other parties."
• Bank customers need more education and awareness of security risks and procedures in order to use online banking effectively.
• Banks should employ a combination of authentication systems, such as passwords and biometric readers, or PINs and longer passwords, rather than relying on any "single" factor to validate a customer's identity.
Staying Safe Online : Staying Safe Online Never respond to an email, however authentic it looks, that asks for personal or financial information.
If you do want to change or update your organisation's financial details, phone your bank or visit in person. Never send this kind of information in an email.
Install reliable anti-virus and anti-spyware software on your computer and make sure it is continually updated.
Establish what you should do in an emergency - for instance, who you should contact if you're worried your organisation might have become a victim of 'phishing' or identity theft.
Look out for any unexplained transactions on your organisation's financial statements.
Staying Safe Online : Staying Safe Online Keep all of your organization's financial documents in a secure place.
Shred any documents that carry account or other secure information.
Make sure that your mailbox is secure.
Report anything suspicious, including any loss or theft of documents, to the police as quickly as possible.
Maintain control over access to your computer, whether it be at your home or office
When you have completed a bank transaction, make certain to log off to break the connection with the bank's computer
Never conduct banking transactions while multiple browsers are open on your computer
References : References http://en.wikipedia.org/wiki/Online_banking
http://www.ourcommunity.com.au/financial/financial_article.jsp?articleId=2422
http://banking.about.com/od/savings/a/3onlinebankacct.htm
http://ezinearticles.com/?Online-Banking---5-Advantages-to-Save-You-Time-and-Money&id=408502
http://ezinearticles.com/?Advantages-of-Internet-Banking&id=273438
http://moneyfor20s.about.com/od/financialinstitutions/tp/Online-Banking.htm
http://www.bankrate.com/brm/olbstep2.asp
http://www.msmoney.com/mm/banking/onlinebk/what_is.htm
http://ezinearticles.com/?Online-Banking:-Advantages-and-Disadvantages&id=445102
References : References http://www.buzzle.com/articles/advantages-and-disadvantages-of-online-banking-services.html
http://moneymagnet2.blogspot.com/2009/02/disadvantages-of-online-banking-e.html
http://banking.about.com/gi/dynamic/offsite.htm?zi=1/XJ/Ya&sdn=banking&zu=http%3A%2F%2Fwww.bankbranchonline.com%2Fsecurity.html
http://wiki.ucalgary.ca/page/T19_Group_4_-_Security_Risks_with_Online_Banking
http://ezinearticles.com/?Make-Your-Online-Banking-Experience-a-Pleasant-One---Practice-These-Safety-Tips&id=2431462
https://www.wachovia.com/foundation/v/index.jsp?vgnextoid=a33efe532b0aa110VgnVCM1000004b0d1872RCRD&vgnextfmt=default
http://www.consumeraffairs.com/news04/2005/bank_security.html#ixzz0HZTdNQ1B&D
http://www.consumeraffairs.com/news04/2005/bank_security.html