Online Banking Essay

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Online Banking

Introduction

The World Wide Web has changed our culture in so many ways. People are able to do so many activities over the World Wide Web, it is unbelievable. You can pursue a degree through online universities, communicate with users around the world, purchase goods and services online, and yes, you can bank and pay your bills online. This new technology has enabled us to make payments, maintain a checking/debit card account, balance transfers, all via the web. You can maintain your entire financial portfolio through online banks that provide this feature. There are online banks that can provide interactivity between popular financial management software programs, such as Quicken and Microsoft Money. When using …show more content…
In an article by Kim Komando, from Microsoft Small Business Center, she explains the methods of encryption and security your browser will most likely use. To begin with, your account is protected by a password, I will go into more detail about this later in the section on regulation of online banking. When you enter your account, you are in a secured connection area. Any action, as simple as checking a balance, is encrypted. Komando explains that modern internet browsers, such as Netscape Navigator and Internet explorer use 128-bit encryption, which is virtually unbreakable. To verify whether or not you are in a secure area, you should check to see that the padlock image in the lower corner of your browser is set to closed. This is a great security feature, but It is important to note that this image can be created to display by hackers, according to Cyota's Anti-Fraud Command Center.
One of the problems with password security occurs when e-bankers use the same password at multiple sites or accounts. This concept can be explained by analyzing Cyota's Online Fraud research from November 2004. The research shows that sixty percent of e-bankers use two or more online services. The research also shows that forty-four percent of users use one password for multiple accounts, as opposed to the thirty-three who have a different password for each account. This means that if a hacker or phisher where to get a hold of one password, there is
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