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Why Online Banking is Safer Than What You Imagine?

Online Banking or net banking is a method of banking that allows the account holder to use all the banking service using an internet connection and a browser. This feature makes it a very favorable method of banking as it saves time and effort to visit the bank branch and wait in the queue to do the banking. There is another banking method that is similar to the net banking and it is called Mobile Banking. The difference between Net Banking and mobile banking is the use of Smartphone and a specifically designed app for banking purposes.
Whenever online banking is mentioned one of the concerns regarding the service is security. Security is essential when money is involved. There were numerous cases of online frauds in the past that makes us trusting the online banking unlikely. But, in the recent year, the technology has improved for providing the more secure and safe ecosystem for using the banking service.

How Banking Technology Has Improved The Banking Sector?

With the introduction of online banking, it made a huge impact on the account holders who are turning towards the use of online banking to meet their daily banking needs. It is simple, fast and accurate and is favorable for those who cannot visit the bank branch every single time. Over the time the technology has made the banking more and more secure to the user. These are the technology that made the banking website more secure-

SSL Certificate

SSL Stands for Secure Sockets Layer which is a certificate that secures the connection between the user and the server. This prevents any other third party to access the user id data and miss use it. This is very important to establish a safe connection between the server and user as the data transmitting in this channel is confidential and the 124 bit SSL certificate secure the path. Even for a supercomputer cracking the encryption code of a SSL Certificate can takes million of years which is impracticable.

Two-step Authentication

Two-step Authentication is a process of adding a layer of step that can prevent any miss guided and wrong transaction to take place. It is a OTP Based system that works by sending you a One Time Password (OTP) to your RMN which when entered will allow the service to engage.

SMS and E-Mail Alerts

Whenever there is a transaction or any details regarding the bank an E-mail and SMS Containing the details will be sent to your RMN.

What Are The Services Offered By The Online Net Banking?

Online Banking is the best method of banking and we can use the online banking method to use many of the banking services. The banking service offered to the account holder under the Net Banking is as follows-
·         Fund transfer Through NEFT
·         Fund transfer Through IMPS
·         Fund transfer Through RTGS
·         Bank account balance check
·         Bank Statement
·         Standing instruction
·         Bill payments
·         Online shopping
Source: Ask Bank IFSC Code


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