Internet Banking – Safer Than Traditional Banking?

Internet banking is a convenient and easy way to manage your money and perform banking transactions. But a lot of people are concerned with regard to the security of internet banking. We hear stories on how high-tech thieves can hack into internet banking facilities to steal millions of dollars all in a few keystrokes. We see on TV shows and in the movies how hackers can get into our personal computers to steal our personal banking information all without leaving their couch.

In the real world, stealing your information and your money is not that easy. In fact, banking over the internet is a lot safer than traditional banking.

Internet Banking Security Features Internet banking is inherently safer than traditional banking mainly because it’s paperless. Most identity thieves get their information through the mail. In traditional banking, they usually send you credit card statements, account statements, and other transactional information through the mail. If identity thieves get just one letter containing your name, credit card information, and account numbers; they can do virtually anything. That’s how they’re able to transfer and steal money from a person’s account, from the letters they get from the bank.

With internet banking, you can opt to have your statements sent through email or access them through a secure server. Internet banking statements sent through email are usually encrypted. These encrypted emails usually require a password or PIN for you to be able to read your statement.

Internet banking statements can also be viewed online through a secure server. In order to ensure that only you and no one else has access to your account; banks usually implement several security features before you can see your statement or perform any transactions. You may be required to sign up and register a username and password. And in addition to that, they’ll provide you with a PIN or a security key that you’ll have to use every time you access your account.

Because internet banking is more convenient than traditional banking, you’re more likely to check your accounts more often. With traditional banking, you have to wait for your statements or you have to visit your bank or an ATM to see your accounts. When you check your statements more often, you can spot any irregularities or inconsistencies sooner. Your internet banking facility may even have settings that allow you to receive your statements regularly through email. You could even set email alerts whenever there are withdrawals, deposits, or cash transfers in your account.

With internet banking, you have more control over your accounts than ever before. The increased security and convenience of online banking has made it all the more essential in our modern lives.