Problem internet Banking and How to increase Your Security
Problems with Internet Banking
Most people who have accounts with traditional banks do some internet banking now. Some are hesitant because of the problems they see in the industry. While there are some disadvantages to internet banking, many of the problems start with the consumer.
For example, there are still quite a few people who do not use internet banking because of their own lack of knowledge. They may be resistant to technology. They may feel that it is too difficult to learn. Because young people are exposed to computers at an early age, people who have this problem are usually older.
Some of the same people also fear using the internet. Others who will use computers offline will not use them to go on the internet. They fear the loss of their privacy. Many of these people have exaggerated fears in their minds. For them, internet banking will be impossible, unless they come to terms with their fears.
Certain people just do not have the proper equipment to go on the internet. It does not take an extremely advanced computer to do internet banking transactions. However, you do need the basic modern computer equipment with the modem. Most banks now expect you to have a 128-bit encryption browser. You will also be better off if you have a faster internet connection than dial-up.
Security is a problem for many users of internet banking, as well. The user names and passwords are often complex. This is good, for the most part, because no one else would guess them. However, it can be a problem if you cannot remember them. You might not be able to access your account when you want to, without going through an intense security procedure.
What is even worse, many people who know they will have trouble remembering their user names and passwords for internet banking will write them down and keep them near their computers. This makes it easy for thieves to get in and steal money from their accounts.
Then, there are disadvantages that are really only to do with internet banking more than the customers. One problem happens when the bank's computer system has an extremely high volume. Your transactions may not be made in a timely manner.
There can be other failures in the communications of banks that will cause errors or lags. If a computer virus ever got into the bank's computers, it could be a real problem. Clearing up the chaos might take awhile. Fortunately, internet banking companies take many precautions to prevent this, so it is extremely unlikely to happen.
If you do internet banking through a virtual bank, you might find problems in managing cash money. Depositing a paper check that someone gives you might not be as fast as it would be for a traditional bank. Virtual banks usually will not let you deposit through an ATM, so often your only choice is to mail it to them.
While there are some problems with internet banking, most of them can be overcome with knowledge and caution. The other problems are challenges for the future of internet banking.
How to Increase Your Internet Banking Security
Internet banking companies are working hard to make their servers as secure as possible. They work with experts in the field of security. They hire computer-hacking consultants to show them the vulnerabilities of their systems. There are also things you can do.
The bank will suggest, if not require, that your browser has 128-bit encryption. This just insures that your information will be safe as it leaves your computer just as it is when it is on the bank's secure server. If you do not have the latest version of your browser, you may not have 128-bit encryption. Make sure you have it before you begin.
Your username will either be given to you by your clicks to bricks bank, or you will choose it at your virtual bank. If you choose it, there will be specific rules about how many characters it must have. It will also tell you whether you must use both letters and numbers, and capitals and lower case letters. Choose something that is not guessable.
Similar, if not the same, rules are given for your password for internet banking. (You will always choose your password, no matter which kind of bank you use.) Your password is even more important. There are certain ways you can make your password more secure.
For one thing, you can base it on something you know or like. It can be anything that no one would specifically relate to you. It could be a line from a song, for example. You could take the first letters of all the words and make a string of characters for your internet banking password. Then, you could capitalize on some of them, throw in some numbers, and you have a password that will be hard to guess but easy for you to remember.
In any case, you should memorize your password and destroy any paper where it is written down. Then, you should change your internet banking password frequently. Do not tell anyone your password, no matter how close you think you are to them. Unless they are on the account with you, there is no reason for them to know it.
It is always important to log off when you finish with your internet banking transactions. If you use a public computer, it is even more important. However, doing internet banking on a public computer, such as one in a library, is not the most secure course.
An industrious internet thief can get your information off a public computer without too much trouble. However, some internet banking companies offer a special service that prevents your banking transactions from going into a computer's cache memory. If you use this feature, it makes banking at a public computer much safer.
It is also important that, if you do use your computer in public, you assure that no one can see the screen when you are doing internet banking transactions. You should not let anyone see you use your keyboard either. While many people feel comfortable setting their laptops up and doing their business anywhere, it is not always wise.
There are many ways to protect your personal information when you do internet banking. It requires thought and caution, but it can be done. It is important to remember that you are responsible for the way you protect your information online.
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