Internet banking has become popular since the introduction of the internet, although many people have had safety concerns when it was introduced. Recently, the expansion of the internet has made online banking popular and an everyday practise, thanks to online shopping sites. It has also become popular to make payments online instead of using traditional cheque payments.
However, there are many people who are still uncomfortable with online banking. Their fear is from the possibility that their accounts might be hacked. There are dangers on the internet due to cyber-crimes such as phishing or identity theft, which have led to theft of personal information and online banking has been compromised in these situations. Today, we will look deeper into the reliability of internet banking.
Are There Any Measures to Counter Security Threats?
Cyber-crime happens every day as victims are not only in the banking sector but it also happens through identity theft. Nevertheless, there is always a measure to counter such security issues. Nowadays, most banks use digital certificates to prevent phishing of this data. Banks are now focused on security banking in order to keep their loyal customer’s information safe. They use special software to block malware that can be used to hack these websites.
On the other hand, users are becoming more and more educated when it comes to cyber-crime prevention. Many people are now using new antivirus platforms that can block malicious attacks. Moreover, antivirus companies have learned to counter new security threats that may crop up. This is why they keep on providing updates. In other words, the security threat to internet banking is not only addressed by the banking industry but by the whole internet community.
Which Types of Online Banks are Secure?
All banks are working to provide security to their customers. They only differ among themselves in terms of the level of their security measures. Some use sophisticated technology to make sure there is no threat. Others just implement strict policies.
There are two types of online banks. One is a regular bank that is operating locally and at the same time offering online banking services. The other one is a virtual online bank. This bank has no physical presence, but is operating online the way a regular “brick-and-mortar” bank operates online. Both types of banks focus on providing security to their customers. Even virtual banks are regulated and insured.
It is difficult to determine which type of bank is more secure because hackers can penetrate any bank regardless of type if there is a security failure upon the part of a bank. Nonetheless, banks that operate locally and online are less vulnerable to cyber-crime attacks.
Is internet Banking Safe Now?
There is no guarantee that internet banking is 100 percent secure. This is also true for local banking. Even before the introduction of the internet, there had always been instances of identity theft, particularly in the use of ATM cards. On the contrary, banks continue to develop systems that will counter current security threats and the new kind of sophisticated attacks being developed by hackers.
Meanwhile, government regulations on internet banking are now becoming rational. New laws and policies are adjusted, keeping up with the latest trends in cyber-crime prevention.
Conclusion
Security issues are not only the concerns of regulatory bodies or banking institutions. Users should also be vigilant all the time. Keeping your information private and changing your password regularly may help secure your internet banking activities. If you suspect something suspicious, contact your bank immediately.
