Internet banking refers to banking transactions carried out between banks and their customers via the Internet. It is also known as online banking. Internet banking helps speed up banking operations by reducing costs and ensuring that you can use various banking services in your living room or even while traveling thousands of kilometers from home.
The internet banking process begins with each customer receiving a unique username and password from a particular bank. The customer can log into the bank’s website and use this username and password to access their bank account. He or she can then give instructions online to the bank about any particular transaction.
All major banks provide Internet banking to their customers. Banks keep a record of all online transactions. Although internet banking is fast becoming the most popular way of banking, there are some security issues that have yet to be resolved. Although most banks claim that their websites have sufficient firewalls to prevent unauthorized access to one’s account, hackers have proven this claim false more than once.
There’s always the possibility that you didn’t log out of your bank’s website as scheduled because you were in a hurry while working on a public computer or over an unsecured wireless connection. This can have serious consequences as someone else can misuse your account.
One important safety measure is to change your password at regular intervals. For security reasons, it is better to remember your username and password than to write them down on a piece of paper. If you have forgotten or lost your password, call your bank immediately. They will either help you recover your old password or give you a new password.