| 53 million internet users or 44% of the internet | | | | banking account from any where in the world and do |
| community use internet or online banking for | | | | the business. Your password is your access to your |
| processing their own transaction. There is a staggering | | | | own online account and the rest is just a couple of |
| 47% increase in online users as compared to the total | | | | clicks away. |
| number of American online user according to online | | | | If I can pay all my bills online, transfer money between |
| banking report 2005. | | | | my other accounts and increase my monthly |
| Two very significant factors play a very important role | | | | mortgage instalment this month because of windfall, |
| in explaining this unprecedented increase in the use of | | | | where is the downside? |
| online banking services:- | | | | There are security and safe transactions issues |
| 1)There is the availability of internet itself. With | | | | associated with internet banking such as:- |
| broadband in most homes, more and more people are | | | | 1)People steeling your identity by hacking into your |
| using the internet and are therefore more comfortable | | | | account and then spending your money. This problem |
| with it. The initial fear of this technology is being | | | | is not as wide spread as media would suggest. |
| replaced with the positive benefits that internet brings | | | | 2)You giving your account information to unscrupulous |
| to everyone. | | | | online tricksters. You can fall prey to e-mail scams |
| Research suggests that the 28 to 39 year old age | | | | asking you to update your information because of |
| group are more likely to use the online banking service. | | | | some security issues. Such e-mails can persuade you |
| This makes sense because this sector of the market | | | | to pass your sensitive account details for fraudsters to |
| is made up of high earners. It is no co-incidence that | | | | copy, sell and distribute to criminals across the world. |
| this age group; by virtue of their familiarity with this | | | | 3)If you keep your account/password information in |
| technology, use the internet and online banking so that | | | | your wallet then in the event of your wallet being |
| they can make better use of their time. | | | | stolen or lost your secure data can end up finding itself |
| 2)Online or internet banking offers the flexibility and the | | | | in the hands of criminals.. |
| ease with which one can conduct ones financial affairs | | | | Finally, the benefits of online banking out way the |
| online. Imagine the scenario, you are on a train from | | | | disadvantages of this service. You can minimise the |
| Inverness in Scotland to London and you have 6 hours | | | | risk of fraud by implementing your own security. Simple |
| before you board a plane to Atlanta. | | | | measures to keep your account information to |
| There is an argument for you to connect your laptop | | | | yourself like memorising your password and not |
| to the internet via your data card on your phone to | | | | replying to e-mails asking for your information to be |
| sort things out before reaching the airport. I have heard | | | | updated will go a long way to protect you against |
| of people working frantically to finish things off | | | | online fraud. If hackers hack into the banks security |
| because they are leaving to go on holiday or going on | | | | system and steel all your money then the bank's own |
| business. | | | | insurance will make your loss good. So there is no |
| There is no need to rush around because the internet | | | | issue there for you to be concerned about. |
| is here and that means you can log into your online | | | | |