Oline banking, also known as Internet
banking, has become increasingly popular over the past decade.
It is a
great way to take control of your finances and an easy way to make sure
you’re keeping up to date with payments, according to a report by https://www.moneyadviceservice.org.uk.
More than half of customers now avoid
queuing up in bank halls by accessing their accounts directly from
computers, tablets or smartphones. But how does it work and is it safe?
What is online banking?
Banking online means accessing your bank
account and carrying out financial transactions through the Internet on
your smartphone, tablet or computer.
It is quick, usually free and allows you
to carry out a number of tasks such as paying bills and transferring
money, without having to visit or call your bank. Many banks also have
free apps, which let you use these services from your smartphone or
tablet.
Most banks let you use your online account to:
- Check your bank balance at any time
- Pay your bills and transfer money to other accounts
- Check any linked mortgages, loans and savings accounts
- Check your bank statements and go paperless (stop getting paper bills sent to you)
- Set up or cancel direct debits and standing orders
- Check on any investments you may have that are linked to your account
How secure is online banking?
Accessing your bank account online is
generally safe, as long as you ensure that you enter all the right
details when making a transaction and follow a few rules:
Banks take lots of precautions to make
sure your online account is safe. These include encrypted websites,
timed log outs and many authentication processes. You can ask your bank
for more details.
Check your statement frequently and report any strange activity to your bank.
Don’t reply to emails claiming to be from your bank that ask for personal details or passwords.
Always remember to log out of your online banking session.
Only use secure Wi-Fi connections to access your bank account.
Public Wi-Fi connections are often not
secure, so don’t use them for banking purposes, or to make purchases. If
you are out and about with a mobile phone or tablet, it is safer to use
your 3G or 4G connection.
Keep your operating system and anti-virus software up-to-date.
Choose your passwords carefully – create
it by combining three random words and don’t re-use the same one for
different accounts.
Secure mobile banking
Accessing your account through your
smartphone – either using a website or a banking app – is becoming
increasingly popular. It is a fast and convenient way to manage your
finances and banks invest heavily in making mobile banking safe.
What if something goes wrong?
If you notice anything strange on your
account, or you accidentally make a payment to the wrong account, get in
touch with your bank as soon as possible.
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