performing banking transactions via the Internet. Online services can be provided by traditional banks, so called brick-and-mortar banks – using the new technologies they become “brick-and-click banks. Banks that don´t have physical branches or ATMs are called virtual or Internet banks.
To use the services a user needs a computer with Internet access. Online banking can be used to pay bills, transfer money to various accounts, check account balances, trade stocks, etc.
Most online banks have the concept of two-factor authentication; it means that they use at least two different devices or layers of security to prevent fraud.
When anybody opens an account, he or she is given a confidential PIN (personal identification number), a password and a username.
For some transactions, customers have to use a TAN> – transaction authorisation number from a list provided by the bank, which acts as a second password.
One of the best ways of identifying the user of a bank account is biometric authentication – using for example a fingerprint to allow a person to log in.
Safety precautions:
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