Important Points about E-Banking Systems- Banking Awareness

    Important Points about E-Banking Systems- Banking Awareness
    Important Points about E-Banking Systems- Banking Awareness:
    Important points that we have to know about E-banking Systems was given here, which will be more helpful for the candidates those who are preparing for the upcoming exams.

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    1). E-banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by a bank or financial institution

    2).E-banking is also referred to as
    ·        Internet banking
    ·        Virtual banking
    ·        Online banking

    3).A customer with internet access would need to register with the bank or financial institution to access its online banking facilities

    4).They should set up some password for customer verification

    5).To access e-banking a customer should log-in to the online banking facility using the customer number and password given to him/her by the bank

    6).The common features of e-banking comes under6-categories as follows
    ·        A bank customer can performnon-transactional tasks like
    a)   Viewing account balances
    b)   Viewing recent transactions
    c)   Downloading bank statements
    d)   Viewing images of paid cheques
    e)   Ordering cheque books
    f)    Download periodic account statements
    g)   Downloading applications for mobile banking
    ·        A customer can carry outbanking tasks through online banking like
    a)   Funds transfer between the customer linked accounts
    b)   Paying 3rd parties like bill payments
    c)   Investment purchase or sale
    d)   Loan applications and transactions
    e)   Credit card applications
    f)    Register utility billers and make bill payments
    ·        Financial institution administration
    ·        Management of multiple users having varying levels of authority
    ·        Transaction approval process
    ·        Personal financial management support like importing data into personal accounting software

    7). Advantages of e-banking for both the banks and the customers are as follows
    ·        Permanent access to the bank
    ·        Lower transaction costs
    ·        Access from anywhere

    8).Somepotential threats on e-banking for deceiving the user to steal login data and validTransaction authentication number(TAN) are as follows
    ·        Phishing– an attempt to acquire sensitive information such as password, usernames and credit card details for malicious reasons
    ·        Pharming– a cyber attack intended to redirect a website’s traffic to another fake site
    ·        Cross-site scripting(XSS) – a type of computer security vulnerability typically found in web applications which enables attackers to inject client-side script into web pages viewed by other users
    ·        Keystroke logging – is an action of recording the keys struck on a keyboard in a covert manner so that the person using the keyboard is unaware that their actions are being monitored

    9).Some of thecounter-measures that can be implemented to avoid such threats are as follows
    ·        Digital certificate – an electronic document used to prove the ownership of a public key is used againt phishing and pharming
    ·        Use of‘Secoder’ cardreaderscan avoid the manipulation of the transaction data
    ·        Virus scanners can be used to protect the customer’s account details against Trojan horses
    ·        Usage ofPIN/TAN system where
    a)   Personal Identification number(PIN) – represents a secured password used for login
    b)   Transaction Authentication Number(TAN) – represents a one-time passwords to authenticate transactions
    ·        Asignature based online banking can be used where all the transactions are signed and encrypted digitally

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