Internet Banking

Internet Banking? Features, Advantages & Disadvantages

Tech

You can basically get to your online financial balance from wherever on the planet from your PC or versatile by means of the web and can do shopping or transfer assets from your account to different elements in a few minutes or less. In this article we will discuss What is Internet Banking Features, Advantages & Online Banking. so come and let us Start our Topic.

What do You Mean by Internet Banking?

Internet banking has been around for many years now and is actually much better than some people think. There are two types of internet banking that are used globally today, the first being online banking where you can access your accounts from anywhere at any time through the use of a computer, smartphone, tablet, etc. This type of banking gives you full control over how and what information you want to share and who has access to your account details. If you want to learn about Is Internet Banking Really Free in India then click here.

Features Of Internet Banking

Internet banking has been an indispensable tool that was introduced to make online transactions simple and safe. With internet banking, customers can view their accounts, transfer money from one account to another via electronic fund transfers (EFT), pay bills, access customer service and many other features. However, this revolutionary technology still lacks some basic security measures, making cybercrime easy and convenient. 

  • Fake websites: A website created without proper authorization and registration could be used to steal sensitive information like bank details through phishing emails. In addition, fake websites could host viruses that may cause damage to your computer, and even affect other devices connected to it.
  • Unauthorized device hacking: Hackers use these devices to gain unauthorized access into financial institutions’ systems. Once inside, they can do anything from transferring funds to stealing private data of users.
  •  Some malware can collect personal information from users. Others can change system settings or redirect users to different sites. They can also activate a webcam and record video.
  • Social engineering: This refers to the practice of tricking users by using social networking sites to gather information about them. Using this method, hackers can gain access to private user accounts and then steal money directly out of their bank accounts.
  • Identity theft: When someone else uses your identity, they take over your credit card and may spend money under your name. Thieves could then charge items or withdraw cash at ATMs.

Advantages Of Net Banking

Net banking is a service that allows individuals to save money online. Not only can you earn interest rates while saving your money, but you can access your money from any device at anytime. Online banking has made it easy to manage your finances in a much easier way than before. With this article, I will go over the benefits of using net banking. Below are the advantages of net banking:

 -Easy Access

 You have full control over how you want to use your money without having to speak with anyone else. 

 -Save Money

 If you are not interested in paying high fees on your money then net banking could be the best option for you.  You can save money by choosing net banking instead of traditional banking.

Read More:- How To Include Supporting Evidence In An Argumentative Essay?

Disadvantages Of Internet Banking

The internet has made our lives much easier. We can do everything from shopping online to banking online. However some people feel that this convenience comes at the cost of security. Here are just a few disadvantages of internet banking.

  • Online banking is not secure.Anyone who knows where to look can read this information. This means that if someone gets their hands on this information it could mean big trouble for you.
  • You may lose access to your funds.
  • The Internet has brought us many benefits but has also created some disadvantages. This article explains how internet banking can affect your money management.
  • Online transactions take longer than those done over the counter. Transactions that take place online often take between 2 days to 4 weeks depending on what type of transaction it is. However, if you make transactions over the counter, they will only take about 30 minutes to an hour.
  • There is no physical security measure to protect your cash or debit card while using an ATM. Hackers can easily steal your data and access your financial information without much trouble. They can even change your balance and withdraw your cash before you know it!

 

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