The internet plays vital role in the entire field that touches in our general life’s activities like Education, Retailers, Shopping and even the banks. This Internet helps everyone in time manner. It stops the worry about queue, face to face interaction problem and waste of time in that. Internet banking works with a secure website and it is owned and operated by the virtual bank, credit Union or building society. Through this website the customers will have their financial transaction like EBPP(electronic bill presentment & payment), Fund transfer (Own account or other account), investments, Loans, Non-Transactional Details (Statements, links) Bank Statements, credit, debit cards, account details and summary and accessing the account 24/7. A customer can complete this on the time, sitting comfortable in his living room or anywhere he wish for. Security code service is there in internet banking which maximize the online security using multiple layers of protection.
Internet Banking is doing the same job of traditional banks.
How Internet Banking Works? Internet banking works on the same job of traditional banks. The primary difference is accessing in internet rather than a paper or phone for transactions. Any type of transaction happens at one click in the internet.
Get Register to & signing up in the internet banking facility given by the Bank. A Password authentication PIN/TAN will be given for the security purpose. PIN/TAN is generated by the need using security token. Each security token has seed number, which is combined with the current time and run through an algorithm. The server and the gadget both know the all these so each gadget get different numbers. This internet banking is usually done via web browser using SSL secured connection. If it is signature based internet banking transactions are all signed and encrypted digitally. These are stored in smart cards.
When we speak about the internet banking it is must to speak about the problems in the internet banking. A recent study shows that there is increase in fraud, forgery, which makes people lack trust. There are many proxy sites; they can steal the login data and TAN and can copy the data of transaction given by you for your own transactions. We will come to know this issue once we take print of the transactions. In case of signature based internet banking - manipulating the used software in a way and faked transactions are signed in background.
Things to avoid the internet banking problems
Do not mark down your login ID, passwords.
Do not to reveal any information of your account through email and via phone too.
Tracing the keystrokes using virus and other programs, these keystrokes will transmit the information about your account to another computer and it will affect your PC too.
However this internet banking helps the people in saving their time. If we have awareness about the above said problems, we can enjoy the fruit of internet banking as much as possible.
The author can be contacted at: nithuraveen@gmail.com
The author can be contacted at: nithuraveen@gmail.com
