ONLINE BANKING

By:
Ronald Aguilar
Juliet Hui
Mary Joy Pascua
 Definition:
• Online banking (or Internet banking)
allows customers to conduct financial
transactions on a secure website operated
by their retail or virtual bank, credit union
or building society.
 Things you can do
• Download Banking Transactions.
• Download Credit Card Transactions.
• Online Bill Payment.
• Quickly Verify Bank Balances.
• Transfer Money
• Open and Close accounts
 Things you can do
• Check account balances
• Balance a checkbook
• Track recent account activity
• Order traveler's, cashier's, and regular
checks
• Issue stop payment requests
• Apply for auto, mortgage, home equity,
student, or personal loans
• Receive investment product and service
information
 Advantages
• Convenience
• Ubiquity
• Transaction speed
• Efficiency
• Effectiveness
• Inexpensive
 Disadvantages
• Start-up may take time: Technical difficulties
• Learning curve
• Bank site changes
• Need an account with an Internet Service Provider
(ISP)
• Security concerns, like "hackers" accessing your
bank accounts
• Switching banks can be more cumbersome online
than in person
• Must have basic computer skills and Internet
knowledge
• Must be comfortable using a computer
 Security Concerns
• Digital Encryption
• Usernames and PINs
• Time-Out
• Anti-Virus
• Anti-Spyware
• Firewalls
• Password Protection Is The Key
• Be aware of Phishers
 What banks should do
• Banks need to implement higher levels of security and
authentication for "high risk" transactions, "involving
access to customer information or the movement of
funds to other parties."
• Bank customers need more education and awareness of
security risks and procedures in order to use online
banking effectively.
• Banks should employ a combination of authentication
systems, such as passwords and biometric readers, or
PINs and longer passwords, rather than relying on any
"single" factor to validate a customer's identity.
 Staying Safe Online
• Never respond to an email, however authentic it looks,
that asks for personal or financial information.
• If you do want to change or update your organisation's
financial details, phone your bank or visit in person.
Never send this kind of information in an email.
• Install reliable anti-virus and anti-spyware software on
your computer and make sure it is continually updated.
• Establish what you should do in an emergency - for
instance, who you should contact if you're worried your
organisation might have become a victim of 'phishing' or
identity theft.
• Look out for any unexplained transactions on your
organisation's financial statements.
 Staying Safe Online
• Keep all of your organization's financial documents in a
secure place.
• Shred any documents that carry account or other secure
information.
• Make sure that your mailbox is secure.
• Report anything suspicious, including any loss or theft of
documents, to the police as quickly as possible.
• Maintain control over access to your computer, whether it
be at your home or office
• When you have completed a bank transaction, make
certain to log off to break the connection with the bank's
computer
• Never conduct banking transactions while multiple
browsers are open on your computer
 References
• http://en.wikipedia.org/wiki/Online_banking
• http://www.ourcommunity.com.au/financial/financial_article.jsp?articl
eId=2422
• http://banking.about.com/od/savings/a/3onlinebankacct.htm
• http://ezinearticles.com/?Online-Banking---5-Advantages-to-Save-Y
ou-Time-and-Money&id=408502
• http://ezinearticles.com/?Advantages-of-Internet-Banking&id=27343
8
• http://moneyfor20s.about.com/od/financialinstitutions/tp/Online-Bank
ing.htm
• http://www.bankrate.com/brm/olbstep2.asp
• http://www.msmoney.com/mm/banking/onlinebk/what_is.htm
• http://ezinearticles.com/?Online-Banking:-Advantages-and-Disadva
ntages&id=445102
 References
• http://www.buzzle.com/articles/advantages-and-disadvantages-of-o
nline-banking-services.html
• http://moneymagnet2.blogspot.com/2009/02/disadvantages-of-onlin
e-banking-e.html
• http://banking.about.com/gi/dynamic/offsite.htm?zi=1/XJ/Ya&sdn=
banking&zu
=http%3A%2F%2Fwww.bankbranchonline.com%2Fsecurity.html
• http://wiki.ucalgary.ca/page/T19_Group_4_-_Security_Risks_with_O
nline_Banking

• http://ezinearticles.com/?Make-Your-Online-Banking-Experience-a-
Pleasant-One---Practice-These-Safety-Tips&id=2431462
• https://www.wachovia.com/foundation/v/index.jsp?
vgnextoid=a33efe532b0aa110VgnVCM1000004b0d1872RCRD&vg
nextfmt=default
• http://www.consumeraffairs.com/news04/2005/bank_security.html#i
xzz0HZTdNQ1B&D
• http://www.consumeraffairs.com/news04/2005/bank_security.html