Category Archives: Online Banking

Benefits of Online Banking

Online-BankingWith Internet Banking or Online Banking as it is also called, fast increasing in popularity in Indonesia, let us look at some of the benefits of Internet Banking that make it so popular:

Round the clock availability

One of the main reasons for online banking’s popularity is its ubiquity: it is available 24 hours a day, 7 days a week, through the year with the rare, lamentable exception of downtimes! And this access is as fast as your Internet connection allows it to be. And, of course no traveling, no waiting for parking and no waiting in queues.

One-stop financial pit stop

With online banking you get the convenience of linking and monitoring all your accounts together – savings, current, deposits, loans, credit cards etc. Such a close-up view allows you to get a better understanding of your finances. You can set standing instructions for regular bill payments (avoiding late fees and associated costs) and instructions for sweeping account surpluses to term deposits thus increasing your savings with this one simple move. You not only get a better understanding but also a better handle on your finances when you take to online banking seriously.

Real-Time View

Yet another advantage of online banking is that you obtain a very current view of your accounts. Banks are also supporting real-time monitoring of your account(s) with alert services through SMS and email giving you an easy and immediate view of the latest position on all your accounts.

Enables wide range of transactions

Opening or closing deposits, paying bills, transferring funds, trading, investing, buying products, changing your account limits, applying for products – with online banking you can now perform a range of banking transactions from the comfort of wherever you are.

Security

Although there have been fears about online banking and security, many of these are misplaced. Most slip-ups simply occur due to careless/sloppy online and offline habits. We are not trying to understate the importance of safe banking habits; it is important you understand and adhere to them.
We are just trying to highlight reasons why online banking is actually quite safe:
Most banks use a 128-bit Secure Socket Layer (SSL), which is one of the strongest encryption technologies used by large-scale online merchants, global banks, and brokerages worldwide. In addition banks have also put in place authentication procedures involving multiple layers like One-Time Passwords (OTP), use of security devices and specific additional authorization requirements for important financial and non-financial transactions.

Tips for Secure Online Banking

Secure Online Banking

Secure Online Banking

With more and more users adopting Internet banking and with many banks also introducing mobile banking, online banking has gained in popularity and acceptance in Indonesia. However, given the significant challenges posed by cyber crime, it is important that we take appropriate security measures to ensure a safe and seamless Internet banking experience. Here, we’ve tried to put together a few tips to help you out:

Internet Banking Security Measures

▪ Use the right and secure website. Such websites will begin with “https” and will display a closed padlock icon on the status bar of the browser. Beware of “look-alikes” that use a very similar URL or website name.

▪ Be alert to phishing emails – they have the same look and feel as the emails sent by your bank but redirect you to an URL that is not your bank’s.

▪ Keep your login Id and password confidential, use hard-to-guess passwords and regularly change your passwords.

▪ Use a reputable anti-virus program or “firewall” that will protect your computer or mobile from viruses and other malicious programs.

▪ Remember to log-off by clicking on the Sign Off or Log Out buttons and clear the memory cache once your transaction has been completed.

Mobile Banking Security Measures

▪ Keep your device protected. Use the latest security updates and a strong anti-virus software. Also enable screen lock and password protection on your mobile to prevent unauthorised access.

▪ Keep your PIN safe. Do not store your Internet banking username and password and your mobile banking PIN on your mobile. Do not disclose such information to anyone including to purported callers and SMSers from the bank.

▪ Use only trusted Wi-Fi networks and security providers and whenever possible use Wi-Fi security measures like the Wi-Fi Protected Access (WPA).

▪ Download your mobile banking app only from the location specified by your bank. If you are using other apps on your phone, download and use only those apps from trusted sources. And, make sure you go through the app’s data sharing and terms of usage policy.

▪ When you are accessing your bank’s mobile website, type in the website address to avoid going to similar-sounding fraudulent websites. Use default browsers provided with the mobile or download browsers from the most trusted sources only.

General Banking Security Measures

▪ Sign up for transaction alert services; many banks provide such alerts both through SMS and via email. It will help you get on top of any possible fraud fast.

▪ If you are a credit card user make it a point to check your card and card statements and compare it against receipts and transaction stubs.

▪ Shop online at reputable merchants; use prepaid cards (they can be easily generated online for short-term, online use) for online shopping and use security verification systems like Verified by Visa or Mastercard SecureCode.

▪ Make security a habit whether you are using a public or private mobile/computer over a public network and you can be reasonably sure of the safety of your transaction.

Despite all your efforts if you think you are a victim of online fraud, report it to your bank immediately and take steps to register a police complaint as soon as possible.