Online Banking

Definition: Online Banking is a phrase that means the capacity for individuals to manage their money or financial assets through an electronic connection using their computer.

Individuals using online banking can access their checking and savings account, pay bills and initiate transactions such as wire fund transfers and more. Electronic money management through financial institutions is now quite common.  It's also very convenient.

Like anything else associated with a computer, online banking has a number of security risks. The threats are increasing rather than decreasing The importance of providing robust computer security is essential. Online attacks against customers of financial institutions are becoming more sophisticated

Its Relevance: Malicous attackers target electronic banking using a number of methods. One of the more common techniques is known as "phishing". If an attacker has a customer's name and email address, a perfect replication of the screen you would normally see can be sent to the customer that contains what appears to be a legitimate request for information. If the target "verifies" the confidential information based upon a fraudulent request a security breach would have occurred. Millions have been lost due to this threat vector succeeding. The problem is rapidly expanding into mobile devices and tablets, too.

Be aware of people who might be "shoulder surfing" close to you or electronically eaves dropping on you in a public Wi-Fi zone. 

Return from "Online Banking" to Words [M - O)