Is online banking secure?

This article is written to show you  how to secure online banking, but we first need to become more familiar with e-banking and its features. We need to know how to use its services to make it a more secure and trustful area to do our banking activities.

What is online banking?

It is one of the  types of banking  that manages all money transfers and banking processes on the Internet and electronically without the need for the physical presence of customers in the bank. It is done using advanced hardware and software technologies of network and telecommunications. In this type of bank, all banking operations, including receiving or depositing money, confirming signatures, considering balances, and other banking operations, are performed electronically and online.

The history of it in the world

The start date of it is back to 1918. That is when the US Federal Reserve banks transferred funds by telegraph. Academics developed the Internet in the 1970s to share receipts, and by 1993 the Internet was growing in popularity with the general public, especially businesses that hope to expand their customers grew up. Factors that had attracted bankers to the Internet included large amounts of money and the competition it had made between non-banks. In 1994, banks began exploring the Internet to use e-banking as a proposed delivery system for their products and services. This type of bank offered a lower price for each transaction than the other banks and paid more attention to access to global markets and greater customer comfort. As of January 1995, there were only 24 banks on the Internet. But a year later, 800 banks were added to that number.

Types of banks in it

In general, electronic and e-banking services are offered in two ways:

- Brick and Click

This model of e-banking is a combination of traditional banking and e-banking. In other words, banks that provide banking services in a conventional and face-to-face manner besides delivering some of their services online and electronically are in this category.

- Virtual Bank

The banks that perform all banking services and operations online and electronically and do not have an office for providing services to their customers are placed in this category.

How can we access e-banking?

By use of:

- Personal computer systems

- Mobile and landline

- ATMs

- POS machines

Types of e-banking services

In general, e-banking services are divided into three levels: information, interaction, and transaction, each of which has different security and different facilities.

1- Information

It is the first level of online banking in which the database introduces banking services and processes through public or private information networks.

2- Interaction

At this level of e-banking, communication and confrontation between customers and the bank is provided, and secure tools and instruments are needed to control the access of bank customers to the banking network.

3- Transaction

At this level of Internet banking, bank customers can perform the processes of money transfer, account opening, check issuance, etc., at  a high level of security. This level of internet banking requires high security and control.

Different parts of e-banking

- E-banking and related technologies

Bank customers can use their mobile phones 24 hours a day to access banking services without a face-to-face visit and check their account information

In the fastest possible time, money transfer, bill payment, and other banking operations.

- Telephone finance company

Telephone banks offer various services such as receiving the balance, taking the last three rounds, sending invoices by fax, paying bills, paying insurance bills, deactivating the acceleration card of the same account, and even changing passwords through account information. To use some banking services, you must use your account number and password, which are only available for services provided by the source bank.

- FAX finance company

In this part of online banking, the information required by the user, such as account balance, is sent to the user via FAX.

- ATM-based finance company

In this online banking model, you can use the services provided in ATMs by using several cards for several banks of your choice.

Is it safe to use e-banking?

The security of e-banking is now a big deal for users, and they are always worried about their banking information. In this regard, we prepared a list of advantages and disadvantages of e-banking services provided in the following paragraph. But you should notice that you are not using an unsafe and insecure password for your online bank account because if someone accessed your other account's password, you could easily use your bank account too. And always remember that you are using your device to enter your online bank account and are not saving your passwords on the device.

E-banking is safe and secure most of the time. Most of these banks are related to  hackers and cyber attackers  looking for a way to access the bank user's and customers' information to catch their money. And the bank servers are not insecure at all, and they are trying to do their best to make everything safe for their users to satisfy them. You should always follow the security patterns in all of your banking processes.

E-banking advantages

- Account opening and bank account management in online banking are effortless.

- With online banking, you can easily pay bills, make money transfers and etc.

- Easy checking of account turnover and easy reporting

- You can easily do your banking and financial affairs without coming in person and standing in long queues.

- 7 days a week, 24 hours a day, you can do all your banking.

- Banks can easily offer a wide range of services to their customers online and offline. This increases competition between banks to improve the quality of services to attract customers.

- You can use the phone, email, online chat, and other means of communication to communicate with banks easily.

E-banking disadvantages

- Hard start:

Working with e-banking software and applications is difficult at first.

- Restriction of access:

The only way to access bank accounts in e-banking is through Internet access, so without the Internet, you can not use banking services.

- Account Hacking:

One of the disadvantages of e-banking is the possibility of Internet thieves and fraudsters accessing your account information.

- Account security:

Suppose you accidentally or inadvertently store your account information on several devices, such as your mobile phone and laptop, and someone accesses your phone. In that case, they can easily use your account information, so maintaining security and maintaining necessary information is very important, and it's your responsibility.

- Bank server downtime:

Sometimes virtual banks become inaccessible due to infrastructure changes, so you can't use them even if you have to.

- Annoying SMS:

Some banking services or affiliated organizations, for various reasons, may send you SMS more than 2 or 3 times a day, which in the long run becomes annoying.

Where are dangerous parts of money transferring through Internet portals?

1- Browser

It is one of the most vulnerable places for users trying to do their banking processes. It can be a threat from  hackers trying to access your system.

2- DNS connection

When your browser searches for a server in the DNS, an attacker could redirect you to a bank server they have designed, and you may quickly provide your information to them without knowledge.

3- Encoding information

The issue of coding information so that if an attacker puts themselves in the path of information, they can not access the information quickly. However, it can still be a threat if a professional tries to access your account.

4- While entering sensitive information

You always need to ensure that you enter your information on a good web page that does not seem suspicious. Hackers have written various software to copy information while typing or entering sensitive information, usually based on keys pressed by the keyboard or identifying the area clicked by the mouse or filming the monitor in moments.