What is internet banking?
Internet banking (or online banking, or E-banking) allows you to make banking transactions such as transferring money, paying a bill or setting up a regular payment on your bank or building society’s website. This can be done using a mobile phone or via the internet.
Is internet banking safe?
21 million people in the UK chose the convenience of banking online so it must be safe, right? Right, if you are wise and use common sense.
But, thieves can access online bank accounts, through phishing and password theft;
With a phishing scam you receive a hoax email claiming to come from your bank. You are then instructed to click on a link in the email from here you are taken to a fake website which resembles your banks. You are then instructed to enter your security details, all the while you think it is secure, however you unwittingly pass them on to thieves.
Your password can also be stolen by thieves this is done by tricking you into installing a program on your computer that records what you type, so when you next log onto your online account, the program records your password details, allowing the thief to access them.
Don’t be alarmed, such scams are easily avoidable, it just takes a bit of common sense and security software. Firstly, common sense don’t click on any links that claim to be from your bank. Go directly to your banks website via Google or type in the web address, if you know it, and double check if a message is genuine. If you are still unsure ring your bank. Calling may seem like an inconvenience, yet it will be much less of an inconvenience compared to calling them after someone has scammed you.
Installing good security software is necessary, whether you intend to use internet banking or not. Security software will protect your computer against malicious software, which will in turn stop you from downloading dangerous programs. Don’t open any email attachments you’re not expecting and avoid downloading files from websites you don’t trust. Good security software will warn you against untrusted sites.
When using your online banking to transfer money it is vital that you give the correct sort code and account number and name of person/business you want to pay. Giving incorrect details may result in the money going into someone else’s account and from here it could be difficult to get back.
Some banks add additional security measures, such as hand-held Chip and PIN card reading devices, which require passwords and the actual bank card to be inserted, thus making it harder for thieves to steal your information and make transactions.
Is it complicated to use?
Setting up and using internet banking is not a complicated process to set up internet banking, you will need to speak to your bank. Every bank doesn’t have the same procedure, but most will give you a code, of some description, which you need to access the account, from here you will have additional passwords to heighten security. You will be required to enter this information every time you use internet banking.
When making online payments you will need to log onto your bank or building society’s internet banking service. When making a payment you are likely to be asked to select the recipient from a list of previous payees, or to input a new payee’s details. You’ll then be asked to enter the amount you want to pay, and to verify the amount. Your payment will then be confirmed.
Internet banking is faster and more efficient than traditional banking, you can make transactions and transfers easily, at the press of a button. If you use common sense, just like when using traditional banking you will not have any security problems and your banking activity will be secure.
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