Secure online banking

SECURE ONLINE
BANKING
www.lucideus.com KAILASH KUMAR
NSIC Campus,Okhla PhaseIII Lucideus Grade1(5-7)
New Delhi-110020

SECURE ONLINE BANKING July 11, 2016
www.lucideus.com Page 1
INDEX
1- Introduction To Digital Banking
2- Why did we choose INTERNET BANKING??
3-What is Internet Banking all about??
- Money Transfers
- Direct Deposit
- Bill Pay Management
- Easy to Monitor
- Convenience
4-What is Internet Banking all about??
5-How to access Internet Banking?
6-Important Security Tips For Safe Online Banking
7-Virtual Cards
8-Merits/Demerits of Internet Banking
9-Conclusion
10- References

Introduction To Digital Banking
Online banking (or Internet banking or E-banking) allows customers of a financial institution to
conduct financial transactions on a secure website operated by the institution, which can be a
retail or virtual bank, credit union or building society. It may include of any transactions related
to online usage
To access a financial institution's online banking facility, a customer having personal Internet
access must register with the institution for the service, and set up some password (under various
names) for customer verification. The password for online banking is normally not the same as
for telephone banking. Financial institutions now routinely allocate customer numbers (also
under various names), whether or not customers intend to access their online banking facility.
Customer numbers are normally not the same as account numbers, because a number of accounts
can be linked to the one customer number. The customer will link to the customer number any of
those accounts which the customer controls, which may be cheque, savings, loan, credit card and
other accounts.
To access online banking, the customer would go to the financial institution's website, and enter
the online banking facility using the customer number and password. Some financial institutions
have set up additional security steps for access, but there is no consistency to the approach
adopted.
Why did we choose INTERNET BANKING??
Money Transfers
Whether you have a kid in college or a friend in need of an immediate cash infusion, money
transfer options offered by online banking services make it easy to send funds where they need to
go -- fast. This action is particularly simple -- and often free -- if the person you're transferring
money to holds an account with the same bank. Don't fret if the recipient banks with a different
institution, though. Generally it takes just a little while longer (often 24 hours or less), and any
associated fees are nominal -- though you should take care to confirm any costs before making
the transaction.

If you hold multiple checking or savings accounts, money transfers grant you the convenience of
moving funds as needed. So, if a tree falls across your driveway and you have to pay someone to
haul it away, you can transfer cash from another account to cover it.
Moving your bank account online won't fix all your money woes, and paying bills will never be
something any of us will ever look forward to. But if you want to make managing your finances
as easy as it can possibly be, online banking is the way to go.
Direct Deposit
It's no longer necessary to twiddle your thumbs while you wait around for your paycheck to hit
your desk. Instead, arrange to directly deposit your payments online so you have immediate
access to your funds. It may not be as exciting as seeing all of those numbers on a paper check,
but the time you save waiting in line at the bank to deposit the money is enough to make up for
it!
Of course, as with any other transaction, you should always make sure your paycheck has been
successfully deposited each payday. Sometimes payroll is delayed or something affects the
timeliness of your regularly scheduled windfall, so make sure you have all the money you think
you do before offering to take everyone out for a night on the town.
Bill Pay Management
Bills. They're the necessary evil no one enjoys dealing with, but the ability to pay them online
takes a bit of the sting out of the process. Setting up a regular online payment schedule will help
you avoid late fees because everything's automatically paid on time -- no stamps necessary. This
is particularly helpful for bills that don't typically fluctuate in amount, like car or mortgage
payments.

Bills that do change in amount can be easily monitored and paid at your leisure. Many banks
allow you to set up reminders that will alert you about upcoming payment deadlines so you don't
forget to pay your bills on time. Just make sure you have enough cash in your account to cover
all your payments; otherwise, you'll also end up owing an overdraft fee
Easy to Monitor
Even the largest and most respected banks make an error now and then, and it's not always in
your favor. It's frighteningly easy for amounts to be recorded incorrectly and for payments to fall
through the cracks. Online banking allows you to monitor your account balance and pending
transactions in real time. So, if your employer forgets to pay up, or the check you deposited isn't
added to your account in a reasonable amount of time, you can do a bit of digging to figure out
what the holdup is.
Since every transaction is recorded, you can go back months or even years to make sure
everything is on the up and up. Even though modern payment systems work well most of the
time, mistakes happen, so it's important for consumers to stay on top of their charges. You don't
want to accidentally pay $75 for a dinner you only authorized $50 for on your debit card.
Convenience
hanks to the explosion of the always-available Internet and services available therein, the past
decade or two has turned many of us into impatient people. But honestly, who wants to wait in
line to check their account balance? Online banking is perfect for those who want 24/7 access to
their funds and other bank-related services.
Between mobile phones with Internet access, tablets and portable computers, you can conduct
your banking business anywhere. So, if you remember that you don't have enough cash in your
account to cover that check you just wrote, you can easily rectify the problem -- just make sure
you do so from a secure connection (see sidebar).
What is Internet Banking all about??
Internet Banking
Now monitor, transact and control your bank account online net banking service. You can do
multiple things from the comforts of your home or office Net Banking your one stop solution for
all your banking needs. Get all your account details, submit requests and undertake a wide range
of transactions online Banking services. E-Banking service makes banking a lot more easy and
effective.

Features
 Account Details: View your bank account details, account balance, download statements
and more. Also view your Demit, Loan & Credit Card Account Details all in one place.
 Fund Transfer: Transfer fund to your own accounts, other Axis Bank accounts or Other
Bank account seamlessly.
 Request Services: Give a request for Cheque book, Demand Draft, Stop Cheque
Payment, Debit Card Loyalty Point Redemption etc.
 Investment Services: View your complete Portfolio with the bank, Create Fixed Deposit,
Apply for IPO etc.
 Value Added Services: Pay Utility bills for more than 160 billers, Recharge Mobile,
Create Virtual Cards, Pay any Visa Credit Card bills, Register for e-statement and sms
banking etc.

How to access Internet Banking?
 Before you can access your account online, you’ll need to register with your bank
for Internet banking.

 Your bank will give you a registration number or login ID. You’ll also need a
password (IPIN). Your Internet password is different from the PIN you use with
your debit card.
 Once your bank has approved your registration, you’re able to access your accounts
online.

Important Security Tips For Safe Online Banking
 Access your bank website only by typing the URL in the address bar of your browser.
and you have a secure connection.
the address bar turns green and a lock appears. this means the information sending is fully
secured and in encrypted form.
 Watch out for a Phishing. Be aware of downloading any malicious application from
mobile application stores (Google Playstore, Apple App Store, Blackberry App World,
Ovi Store, Windows Marketplace etc) that are offering Online Banking. Kindly check
their authenticity before downloading, by contacting your Bank.
 Do not click on any links in any e-mail message to access the site.

 Banks never sends you email/SMS or calls you over phone to get your personal
information, password or one time SMS (high security) password. Any such e-mail/SMS
or phone call is an attempt to fraudulently withdraw money from your account through
Internet Banking. Never respond to such email/SMS or phone call. Please report
immediately ,if you receive any such e-mail/SMS or Phone call. Please lock your user
access immediately, if you have accidentally revealed your credentials. Click here to
lock.
 Do not be lured if you receive an e-mail/SMS/phone call promising reward for providing
your personal information or for updating your account details in the bank site.
 Having the following will improve your internet security:
i. Newer version of Operating System with latest security patches.
ii. Latest version of Browsers (IE 7.0 and above , Mozilla Firefox 3.1 and above,
Opera 9.5 and above, Safari 3.5 and above, Google chrome,etc.)
iii. Firewall is enabled.
iv. Antivirus signatures applied
Scan your computer regularly with Antivirus to ensure that the system is
Virus/Trojan free.
 Avoid accessing Internet banking accounts from cyber cafes or shared PCs.
 Change your Internet Banking password at periodical intervals.
 Always check the last log-in date and time in the post login page.
 Avoid accessing Internet banking accounts from cyber cafes or shared PCs.
 After you have logged in, you will not be asked to provide your username and login
password again. Also, you will not be asked to provide your CREDIT or DEBIT CARD
details while using internet banking. If you get a message (such as through a pop-up)
asking for such information, please do not provide this information no matter how

'genuine' the page appears to be. Such pop-ups are most likely the result of malwares
infecting your computer. Please take immediate steps to disinfect your device.
Virtual Cards
 Virtual Card, also known as Electronic Card or e-Card, is a limit Debit Card created for
ecommerce transactions. It provides an easy and secure way of transacting online without
providing the Primary Card/Account information to the merchant.
 Virtual Cards can be used at any merchant location accepting MasterCards / Visa Cards
online, without any difference from a regular plastic card
Security
 It reduces the risk of exposing the underlying Credit/Debit limit as the
Primary Card / Account details are not communicated to the Merchant.
 Card is valid up to maximum of 48 hours or till the transaction is complete,
whichever is earlier
 Card creation and online transaction are authorized only after successful
validation of One Time Password (OTP) sent to your Mobile during the
process.
Highly Flexible
 It enables Bank customers to pay from any of their Internet Banking enabled
accounts, having transaction rights.
 Card can be created for any amount in round rupees.
 Card can be used at any online merchant site that accepts Debit/Credit Cards.

Easy to Use
No separate setup/installation or registration is required, any customer having
internet banking facility with transaction rights can create Virtual Card.
Zero Loss
No loss of interest as the Card is generated by marking a lieu on the underlying
account and the amount is debited only when actual transaction using the Virtual
Card is completed, successfully.
Merits/Demerits of Internet Banking
Merits:
 Convenience: Unlike your corner bank, online banking sites never close; they're available
24 hours a day, seven days a week, and they're only a mouse click away.
 Ubiquity: If you're out of state or even out of the country when a money problem arises,
you can log on instantly to your online bank and take care of business, 24/7.
 Transaction speed: Online bank sites generally execute and confirm transactions at or
quicker than ATM processing speeds.
 Efficiency: You can access and manage all of your bank accounts, including IRAs, CDs,
even securities, from one secure site.
 Effectiveness: Many online banking sites now offer sophisticated tools, including account
aggregation, stock quotes, rate alerts and portfolio managing programs to help you
manage all of your assets more effectively. Most are also compatible with money
managing programs such as Quicken and Microsoft Money.
Demerits:
 Start-up may take time: In order to register for your bank's online program, you will
probably have to provide ID and sign a form at a bank branch. If you and your spouse
wish to view and manage your assets together online, one of you may have to sign a
durable power of attorney before the bank will display all of your holdings together.
 Learning curve: Banking sites can be difficult to navigate at first. Plan to invest some
time and/or read the tutorials in order to become comfortable in your virtual lobby.
 Bank site changes: Even the largest banks periodically upgrade their online programs,
adding new features in unfamiliar places. In some cases, you may have to re-enter
account information.
 The trust thing: For many people, the biggest hurdle to online banking is learning to trust
it. Did my transaction go through? Did I push the transfer button once or twice? Best bet:

always print the transaction receipt and keep it with your bank records until it shows up
on your personal site and/or your bank statement.
Conclusion
BE aware of the frauds
 Internet banking is changing the banking industry and is having the major effects on
banking relationships.
 The net banking, thus, "now is more of a norm rather than an exception in many
developed countries" due to the fact that it is the economical way of providing banking
services.
 Banking is now no longer confined to the traditional brick and mortar branches, where
one has to be at the branch in person, to withdraw cash or deposit a cheque or request a
statement of accounts.
 Providing internet banking is increasingly becoming a 'need to have' than a 'nice to have'
services.
References
 https://www.onlinesbi.com/personal/security_tips.html
 http://www.hdfcbank.com/personal/Article/know-your-finances-
article/hto2kzho/1341563676
 https://nakedsecurity.sophos.com/2013/10/03/8-tips-for-safer-online-banking/

Secure online banking

Recommended

Recommended

More Related Content

Recently uploaded

Recently uploaded (20)

Featured

Featured (20)

Secure online banking