online banking

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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:

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:

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:

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:

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:

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:

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





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