New Trends in Secure Online Banking

Online Banking Consumers can use online banking to carry out monetary transactions on websites operated by their retail or virtual banks, credit unions and building societies. Some of the transactions offered are:

• Electronic bill presentment or payment
• Funds transfers to another the consumer’s accounts, or between a customers savings and checking accounts
• Investment purchase or sale
• Loan applications and transactions, such as repayments

Of course, online banking transactions can be vulnerable to cyberattacks. Fortunately, there are some promising new ways to improve perceived security for online banking login and communications. These include keyboard encryption, securing the entire browser, and mobile alerts and one-time passwords.

Some banks also provide customers with liability guarantees, which state that you won’t be held accountable for any unauthorized activity originating from online banking if you notify the bank within 60 days of the activity first appeared.

The problem with all these solutions is that they burden the user with added work and the bank will have to hire additional tech support. Internet banking should be all about ease. Setting up an online banking account is usually a straightforward process, even if you don’t have an Internet banking account.