What is Online Banking? Online banking is just what it sounds like. You access a bank’s web site over the Internet and enter a user ID and password. This gives you access to your account information over a secure server. Service fo

The most basic online banking sites let you see account balances, transfer money between accounts, view transaction statements, and pay bills electronically. Some online banking sites let you apply for new accounts and loans, order new checks and stop payments, and many other services. Due to the fact that many people work during banking hours, online banking is a convenient option for them. It is also a great time- saver. For instance, instead of going to each individual bank to find out about their banking information and rates, you can go online and find out about all of that information.

While a number of the largest banks have gone to the Web and introduced free online banking to attract new customers and allow existing consumers to manage accounts online, not much else has changed, according to Bankrate.com’s fifth semiannual Checking Account Pricing Study (Buckham).

There are also security concerns about this system, like “hackers” accessing your bank account. Banks use the top security measures available for their online banking websites. There are some tips that will help you secure your information. First, you should make sure the online banking service you are using is FDIC (Federal Deposit Insurance Corporation) insured before you make a decision on what bank you should use. Secondly, do not send any account numbers or balances through e-mail to your banks customer service department. You should also protect your online banking password just as you would with you ATM card and pin number. Finally, your password shouldn’t be so obvious or should be changed every 30 to 60 days.

One type of innovative security solution is biometrics. Biometrics uses a unique biological feature to verify the identity of an individual. Personal identification numbers are still the most used security feature, but can be stolen or lost. Using biometrics provides a more secure way of identifying an individual, and nothing can be lost or stolen. Features that are used in biometrics are fingerprints, palm prints, retina scanning, iris scanning, hand geometry, face recognition, and voice authentication. All of these features are unique to ev

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