Is on line banking safe for money transaction?

[WILTON]

Right now I am not using online banking for my money transaction. But I am planning to do so. I heard about many advantages of online banking such as. I can pay my bills online; this will protect me from the problem of the check being lost in the mail. I can view my account transaction online at any time I want this useful for me because I don't have to wait for the bank statements to come at the end of month. Finally I can transfer money between accounts. I am satisfied with these advantages but I am worried about the security. Is on line banking safe for money transaction?

[Zachary]

The advantages of online banking you have mentioned are true but if you are worried about security then I will suggest not to use online banking it is not secure. I will give you a real life example of Joe Lopez. One day he was having an account balance of $90,348 and the next morning he was shocked to see that he was having an account balance of $0. All his money is vanished from his account. He got his money back after a federal investigation and, eventually, a lawsuit. But the experience is bad for him.

[Shen]

According to me online banking has become one of the fastest-growing Internet activities. Roughly speaking 43% of people who are using internet do some kind of internet banking. It will hard not to use online banking because of the advantages and convenience it is offering and all of us likes to live comfortable life. But we cannot keep aside the threats like "phishing e-mail". Now it is up to you to decide whether you want convenience or risk.

[Steve123]

From the birth of electronic commerce, financial institutions have taken a lot of measures to make the online transaction process less vulnerable to attacks. Many have spent millions for adding more layers of authentication. But these steps are not enough to stop hackers, because they continue look for the loop holes in security systems. One of the most popular attacks is phishing schemes that duplicate bank sites and can easily steal user’s login id and password. Instead of all the threats online banking is growing.

[Milton.J]

Some cyber thieves try to embed viruses, spyware or Trojan horses: These are specially designed programs which can give thieves unauthorized access to your computer. Trojan horses steal confidential information from your personal computers and transfer it to hackers. This confidential information can be your user name and password which you use for login on your bank site. Once the hacker has your login id and password he can make alteration to your bank statements or even can transfers all the money from your account to his account. If you are using online banking then this problem is a matter of concern for you.

[Spyrus]

Bank of America -- the largest online banker in the United States – has introduced the SafePass card. It is a wallet-sized card embedded with a button. When we press the button it sends the customer a six-digit security code through text message. Then customer has to enter the code with his login name and password to access login account. For more concerned client banks has designed SecurID. It is a token like device. It can generate a new six digit code every minute. User has to enter this six digit code to access his account. These are the only preventive measures, but it is not guarantying that the online banking is 100 % secure.