Internet Banking offers convenience, ease of managing bank accounts like never before. Gone are the days, when you had to rush to the nearest branch to check balances and track payments. With Internet Banking, all that is available from the comfort of your favorite chair in office or at home! But with all this comfort, Internet Banking protection becomes even more important.
Protection through single password authentication, as is the case in most secure Internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Online banking user interfaces are secure sites (generally employing the https protocol) and traffic of all information – including the password – is encrypted, making it next to impossible for a third party to obtain or modify information after it is sent. However, encryption alone does not rule out the possibility of hackers gaining access to vulnerable home PCs and intercepting the password as it is typed. There is also the danger of password cracking and physical theft of passwords written down by careless users. As such, many online banking services inflict a second layer of security. Strategies vary, but a common method is the use of transaction numbers, or TANs, which are essentially single, use passwords. And, we at Internet Banking Facts ensure that your security is at the top of our agenda.