Internet banking
Internet banking refers to the banking operations that are carried out between banks and their customers over the Internet. It is also commonly known as online banking. Internet banking helps streamline banking, reduce cost, and ensure that you can use various banking services in your living room or even while traveling thousands of miles from home.
The online banking process begins when each customer receives a unique username and password from a particular bank. The customer can log into the bank’s website and use this username and password to access their bank account. He or she can then give the bank instructions online regarding any particular transaction.
All the big banks offer the Internet banking option to their customers. Banks keep a record of all online transactions. Although Internet banking is fast becoming the most popular banking mode, there are certain security issues that still need to be addressed. Although most banks claim that their websites have enough firewalls to prevent unauthorized access to anyone’s account, hackers have proven this claim to be false more than once.
There is always the possibility that you have not logged out of your bank’s website according to established procedure, as you were in a hurry while working on a public computer or using an unsecured wireless connection. This could have serious consequences, as someone else could misuse your account.
An important security precaution is to keep changing your password at regular intervals. For security reasons, it is better to memorize your username and password than to write them down on a piece of paper. If you have forgotten or lost your password, call your bank immediately. They will help you recover your old password or give you a new one.
