subject: Security and Convenience of Online Banking [print this page] Security and Convenience of Online Banking
Online banking offers the utmost in flexibility and convenience to existing bank customers who have access to relatively high-speed internet. Since the inception of online banking over 15 years ago, the amount and variety of services available to the online banking customers has steadily increased. Now, the average online banking customer can choose from a wide variety of services such as balance transfers, transaction searches and online loan applications, and in most cases, rarely has a need to physically visit their bank. The ability to download account statements online has cut down on the cost of paper and postage, as well as providing instant access to those statements 24/7 rather than needing to wait for them to appear in the mail. Most banks provide their online banking customers with bill-paying services, saving even more paper and postage as most of these transactions can be handled without need of a printed check. Computer-savvy banking customers can download their bank transactions in a format compatible with popular accounting software.
Along with the introduction of more and more services for consumers, encryption technology has progressed through the years in response to more sophisticated attempts to steal personal information online. This advanced technology allows banks to keep their online banking applications up-to-date with the strict security required for safe online financial transactions. In keeping with evolving security needs, most online banking products have changed with the times from a simple system that required entering a user name and password for online access, to more complex authentication techniques. These would be evident to the consumer in the form of personal security questions (i.e. "What was the name of your first pet?" or "Who was your favorite teacher?"), password restrictions (such as: "password must be at least 8 characters long and contain at least 1 number"), authenticating images and other systems all designed with a goal of providing 100% secure financial transactions.
Many banks, on their websites, provide their customers with detailed information regarding what sort of online banking security they use for their products. Before enrolling in any online banking system, it would be wise to ensure the safety of your money and your personal information is your bank's highest priority!
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