Online Banking Essay

Words: 2733
Pages: 11
Open Document
Online Banking

Introduction

The World Wide Web has changed our culture in so many ways. People are able to do so many activities over the World Wide Web, it is unbelievable. You can pursue a degree through online universities, communicate with users around the world, purchase goods and services online, and yes, you can bank and pay your bills online. This new technology has enabled us to make payments, maintain a checking/debit card account, balance transfers, all via the web. You can maintain your entire financial portfolio through online banks that provide this feature. There are online banks that can provide interactivity between popular financial management software programs, such as Quicken and Microsoft Money. When using …show more content…
In an article by Kim Komando, from Microsoft Small Business Center, she explains the methods of encryption and security your browser will most likely use. To begin with, your account is protected by a password, I will go into more detail about this later in the section on regulation of online banking. When you enter your account, you are in a secured connection area. Any action, as simple as checking a balance, is encrypted. Komando explains that modern internet browsers, such as Netscape Navigator and Internet explorer use 128-bit encryption, which is virtually unbreakable. To verify whether or not you are in a secure area, you should check to see that the padlock image in the lower corner of your browser is set to closed. This is a great security feature, but It is important to note that this image can be created to display by hackers, according to Cyota's Anti-Fraud Command Center.
One of the problems with password security occurs when e-bankers use the same password at multiple sites or accounts. This concept can be explained by analyzing Cyota's Online Fraud research from November 2004. The research shows that sixty percent of e-bankers use two or more online services. The research also shows that forty-four percent of users use one password for multiple accounts, as opposed to the thirty-three who have a different password for each account. This means that if a hacker or phisher where to get a hold of one password, there is
Show More

Related Documents: Online Banking Essay

Banking: Bank and Online Banking Essay

switch to an online-only bank, there are some terrific benefits to online banking. Some of the best online banking services are FlagStar Direct, iGoBanking and E-Trade. You are probably very comfortable walking into your local bank and depositing a check or making a withdrawal. However, you are also probably very familiar with the lines associated with doing even the most basic tasks. And in order to get into the building, you’ll have to keep in mind all the federal holidays and other banking days when…

Words 399 - Pages 2

paperless or online banking

Introduction Online banking is growing popular day by day in Bangladesh. A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Online banking not only provides banking facility round the clock but also helps a country to get attached to the international economy as well as business. People throughout the world are now getting engaged with more activity and business and hence need the fast and anytime access to his/her bank account. Online banking…

Words 7987 - Pages 32

Questions And Answers On Online Banking

if someone wants to keep track of anything financial wise, I think tracking your finances on online banking would be helpfully because you can see what’s coming and going out of your account. Another good technique would be making a spreadsheet to have written on paper all of your bills and payments. 2. I recently purchased new shoes online with my debit card and I have bought some new work pants, online also. 3. The most recent service I bought would have to be getting my nails done. 4. The functions…

Words 512 - Pages 3

Essay about An overview of online banking in Russia

An overview of online banking in Russia The development of the financial services in Russia plays a crucial role in its economy. Nowadays in order to be successful and up-to-date, to be able to keep existing customers and attract new ones, banks use the Internet to achieve their goals. Constant new developments in technology force banks to be flexible and to respond immediately to the changing environment. Tough competition in the banking industry indicates that banks have to pay attention to every…

Words 839 - Pages 4

Neexity Bank Case Study

to such great success. Nexity offers transactions and account inquiries, online statements, only viewing of cancelled cheques, interest bearing checking, savings, money market and online bill payment accounts for free. They also focus on providing customers with competitive rates on home equity lines and loans, certificates of deposits and annuities. History of the banking industry: During the late 1980s, the U.S banking industry underwent many rapid changes. The changes were due to financial…

Words 4226 - Pages 17

Bank Of America Essay

Discuss the future of the bank’s mobile strategy Mobile banking was launched in May 2007 access from mobile applications or web browsers on mobile SMS were planned to go live in a few months Brown was hesitant for getting mobile app complex/ unclear whether users were ready to sign up for mortgages or credit cards on their mobiles./ Competitors like Citi have added credit card feature to their mobile app. Building apps for different target groups(Citi and Wells did it), but building apps means…

Words 874 - Pages 4

Essay about IRE Assignement Submission 1

Rationale for the regulation of banks, and regulatory arrangements for the banking industry since the financial crisis of 2007-2009 Alex Mouatt, Harry Walker and Sandijs Meisters Industry, Region, and Environment Level I / Year 2 BA (Hons) Economics Bournemouth University Word Count: 3048 Introduction Regulation is a form of government intervention that is adopted in order to influence, in a socially desirable manor, the way industries operate (Cambridge Dictionaries, 2015). Ultimately, government…

Words 4260 - Pages 18

Advantages And Disadvantages Of E Banking

Internet banking is an electronic payment system that enables customers of banks to conduct transactions on a website operated by the them, such as a retail bank, virtual bank, credit union etc. Internet banking is also referred as online banking, e-banking, virtual banking and by other terms. To access a financial institution's internet banking facility, a customer with Internet access would need to register with the institution for the banking services, and need to set up a password and other…

Words 939 - Pages 4

Case Analysis: Bank of America: Mobile Banking Essay

Case Analysis: Bank of America: Mobile Banking Company Overview: Bank of America is the largest US bank founded in 1904, it has expanded through several acquisitions. By the end of 2009, Bank of America was the market leader serving 82% of the US population and over 53 million customers. They are positioned as number one in online and mobile banking. Their mobile banking services were launched in 2007 and have gained 4 million customers in less than three years. Acquisitions made by Bank of America…

Words 1215 - Pages 5

Internet Banking Case Study

Perception of Security and the Utilization of Internet Banking Services There are still several hacking problems on the internet. There could be data leakage during internet banking. A common and widely recognized obstacle to internet banking has been the lack of security and privacy over the internet (Quein and Klein, 1996; Bee, 2008). The level of internet banking perceived riskiness could possibly fall between these two transactions. In internet banking, the amount of confidential information required…

Words 946 - Pages 4