Online Banking

(Second article in the series about Basics of Secured, Online Transaction)

Online banking is the ability to make banking transactions on the web. Online banking services include balance inquiry, bills payment and funds transfer. Basic functions of online banking are being able to do account summary and history, bills payment, funds transfer and check function.

Online banking lets you do your banking needs through the use of the web. It is much more efficient and faster because you don't need to go to the bank to transfer funds, or wait in line just to pay your bills. Online banking is available 24 hours a day, 7 days a week, so you can do it anytime, anywhere.

Online banking employs a lot of security features. It has the minimum standard of 128 bit encryption, user identification, authentication, authorization, system lockout, automatic timeouts and double passwords. Automatic timeouts will occur if you leave your computer and your browser is still up. Also, you cannot press the Back button. To support banking security, make sure you use different passwords and use alphanumeric data. You could also change your password from time to time.

The only risk involved in online banking is if you have an unstable dial up access or internet access, some of your online transactions might not be completed. For assurance, you could check a bank's online security feature, i.e., if your bank is using more than the 128-bit encryption and if it uses user identification, authentication, authorization, system lockout, automatic timeouts and double passwords, before registering for this service.

How do you register? You could apply at any bank offering online banking services (see list below). Your web account will be activated only if you have an existing account in any online bank, some of which are listed below:

Go over these banks now and see what fits your needs, and experience banking convenience anytime, anywhere!

Related article:
The first article in the series about Basics of Secured, Online Transaction, was entitled SSL, PKI, Encrypt, Decrypt... Anybody?