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In this topic, you are going to be introduced with Online Banking and its benefits. Also, it has information related to setting up online banking, fraudulent activities related to online banking and tips and tricks to not be victim of scam.

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In this video, there is a brief description on ‘What is Online banking’. In simple words it is just doing all type of banking activities from internet. It is helpful, as it eliminates the need of physical presence in bank and wait in the long queue. Sometime there are cybercrimes, also linked with online banking, but banks have hard security.

I choose this video because it explains in simple words, and anyone can understand it. Additionally, it’s available on YouTube free of cost, so there’s no need to pay extra to get knowledge. Above all, the channel posted the video has 17.9 K subscribers.

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This  video has complete explanation about how to setup online banking on your device. It gives demo of how the website will look on the device and give step- by- step instructions how to enrol in online banking. Also, it helps setting up two-factor password authentication by which your account is fully secured on the device on which you have registered.

I choose this video because, a person may feel interested in signing up for online banking, so they do not have to look for sources on the internet. They can simply have look on this video. Also, this video has been posted by RBC bank. Similarly, every bank posts their setting up video.

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Learn how to enrol in RBC Online Banking

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If a person chooses online banking, firstly they must be clear with the scams related to it. The most common scam is Email. Usually, the person receives the mail of beneficiary added and ask to update their account information on the link provided. Other types of scams are impersonation, deliberate compromise, card usage on unsecured websites, mishandling logon details.

I selected this video, because it explains the scams in simple words. Also, the video has been posted by GT Bank. By watching this video, you may get aware of fraudulent going out in market and be aware enough that do not fall victim of fraudsters.

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This video explains the tips and tricks to keep the money safe when using online banking. Firstly, never do a transaction on public Wi-Fi network. Secondly. Never share your password with anyone. Additionally, change your password frequently. Look for lock up browser. Set up text alert. These tips may help you from not being victim of fraud activities.

I choose this video because it explains in really good and simplified way. If a person watches the video and apply the tips, they might not be in any type of risk related to online banking and can use online banking effectively.

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Online Banking: Tips And Tricks To Keep Your Money Safe

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The website has detailed explanation, on online Banking. It covers everything from its definition to cons of online Banking. It also mentions for what purpose we can use online banking such as for transferring funds, depositing cheques and paying bills. But, with online banking we cannot deposit cash for that, we do need to go to Bank only.

I selected this website; they have just added the required material on their website nothing. More or less On top of all, nerd wallet is a registered company, so there’s no way that the information provided can be of doubt as it is completely updated by the author only.

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Online banking definition: Online banking means managing your bank accounts with a computer or mobile device. This includes transferring funds, depositing checks and paying bills electronically.

Traditional banks and credit unions with branches typically let customers access their accounts via the internet, too. But online banks and providers offer primarily mobile access. You won't meet a banker face to face, but with a mobile device or computer, you can reach your account anytime. Here's a closer look at online banks.

Because online banks don't have to spend money on branch maintenance, they tend to have low or no fees. Many online accounts don't charge monthly service fees, for example, and some don't charge overdraft fees, either.

At online banks, deposit accounts tend to have higher annual percentage yields. The best online savings accounts, for example, have APYs around 0.45%. Compare that with the national average savings rate of 0.06% , and some of the largest brick-and-mortar banks, which have savings accounts that earn only 0.01% APY.

A few percentage points difference might not sound like much, but the larger your balance, the more it matters. A balance of $10,000 deposited for a year at 0.01% will earn a dollar; at 0.45%, it earns just over $45.

Online cash management accounts are another option for earning interest. These financial products are offered by nonbank service providers, such as brokerages. They typically combine the features of checking, savings and investment accounts, and can also have good yields.

Though online banks typically offer higher rates and lower fees, many still have basic banking features you can expect to find at traditional banks, including:

A good online bank will be part of an ATM network, like Allpoint or MoneyPass, with thousands of fee-free machines nationwide. If you need to withdraw cash from a non-network machine, some online banks will also reimburse any fees the ATM owner charges.

Accessibility. You can access your bank accounts and bank services wherever there's internet - on your computer or mobile device - around the clock. You can also reach customer service by phone - in some cases, 24 hours a day, seven days a week.

With an online bank, prepare to have limited access to in-person help. Instead of face-to-face meetings, many banks offer phone-based customer service. Some banks offer assistance via social media and online chat, as well.

Cash can be hard to deposit

Online banks often have cumbersome cash deposit processes. You might have to find a deposit-accepting ATM. Or you may need to put money into a traditional bank account and transfer it to your online account. You could also use cash to buy a money order, and then deposit it electronically using your online bank's mobile app.

Some providers also partner with a third-party service, such as Green Dot, to let retailers and convenience accept cash deposits. But these services typically charge fees of around $5 for deposits.

Fewer one-stop-shop options

Some online banks have outstanding savings accounts but don't offer checking or certificates of deposit, so you might have to open one type of account at one institution and a separate type of account at another.

Frequently asked questions

Should you open an online bank account?

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What Is Online Banking? Definition, Pros and Cons - NerdWallet

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Online banking definition: Online banking means managing your bank accounts with a computer or mobile device. This includes transferring funds, depositing checks and paying bills electronically. Traditional banks and credit unions with branches typically let customers access their accounts via the internet, too. But online banks and providers offer primarily mobile access.

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The website mentioned a survey about a number of American users on online banking. They stated that as more people are joining online banking, the risk involved also getting increased. So, to overcome the risk follow the tips such as avoid storing login details, using personal information on unsecured website and many more tips are mentioned on the website

I choose this website because Forbes advisor is trustable website and whatever they post is also trustable. This article will help a strata of people who are new to online banking, and can apply these tips in their daily life, and get benefit from it.

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Contributor, Contributor

Digital banking (online and mobile banking) makes managing finances easy. With digital banking technology, you can pay bills, deposit checks and transfer money from wherever you're located. Due largely to their convenience, online and mobile banking are the two most popular ways to bank. More than three-quarters of Americans (78%) prefer to bank digitally, according to a March 2022 Ipsos-Forbes Advisor survey.

But how secure are online and mobile banking? And is your information safe?

While reputable financial institutions implement a slew of security measures, you can take some steps on your own to keep your financial and personal details out of the hands of hackers.

6 Ways To Secure Online Banking

It's easy to protect your information while still leveraging the convenience of online banking. Use these six strategies to ensure you're the only one eyeballing your balance.

1. Choose strong and unique passwords

2. Enable two-factor authentication

3. Steer clear of public Wi-Fi

4. Sign up for banking alerts

5. Be wary of phishing scams

6. Choose trustworthy financial apps

1. Choose Strong and Unique Passwords

Your password can create an opening for hackers, even if you don't realize it.

Some common mistakes you may be making with online banking passwords include:

Using personal information, such as your name, address or date of birth

Choosing shorter passwords

Relying on common words or simple number combinations

Using the same password for multiple logins

Not updating passwords regularly

Those things can make it easier to remember your passwords, but they make it easier for hackers to guess your password and access your online banking information. Here are some tips for creating stronger passwords for banking online:

Choose longer passwords, such as a phrase rather than a single word

Use a mix of upper and lowercase letters

Include numbers and special characters

Avoid common sequences, such as "1234"

Avoid using personal information, such as your name, pets' names, date of birth, etc.

Don't store your login details in your online banking or mobile app

Don't write passwords on the back of debit or credit cards or keep them in your wallet

Update your online banking passwords regularly. Change them every three to six months to lower the odds of your password being stolen or decoded by hackers.

And consider using a password manager to store and protect your passwords-and make using longer and more complicated passwords easier.

2. Enable Two-Factor Authentication

Two-factor, or multifactor, authentication can add a second layer of security verification when logging in to your online or mobile banking account. First, you enter your login name and password and then you have to pass a second security test.

For example, you may need to enter a special code, verify your account through an automated phone call, use biometric verification or identify an image. This makes it difficult for a hacker or identity thief to unlock your account, even if they have your online or mobile banking password.

Ask your bank or credit union if two-factor authentication is an option and how to enable it.

3. Steer Clear of Public Wi-Fi

Public Wi-Fi is convenient when you need to stay connected on the go, but you can't count on it to be secure. According to NortonLifeLock Inc., the consumer cybersecurity provider, some of the most significant security risks posed by public Wi-Fi include:

Man-in-the-middle attacks, in which hackers can electronically "eavesdrop" on your banking and other online activity

Data transmissions over unencrypted networks

Malicious hotspots

Malware and spyware

It's best to avoid using online or mobile banking when you're on a public Wi-Fi network.

If you must access online banking or mobile banking with public Wi-Fi, here are some tips to stay secure.

Disable public file sharing. Look up how to do this for your operating system.

Stick with sites that are secure. Look for "https" in the site's URL, which triggers the lock icon in your browser. Your laptop or mobile device's firewall may automatically flag sites that are deemed unsafe.

Consider using a virtual private network (VPN). This creates a private network that only you can access. You can set up a VPN through your mobile device or laptop using a VPN service.

4. Sign Up for Banking Alerts

Banking alerts notify you when certain actions occur. You receive near-instant notifications of any potentially fraudulent or suspicious activity. It's often possible to receive email or text alerts for the following:

Low or high balances

New credit and debit transactions

New linked external accounts

Failed login attempts

Password changes

Personal information updates

If you get an alert and suspect fraudulent or suspicious activity, contact your bank or credit union immediately and change your online and mobile banking passwords.

5. Be Wary of Phishing Scams

Phishing is one of the most common methods identity thieves use to gain access to personal and financial information. This kind of scam usually involves tricking you into giving up your information.

Phishing scams can take different forms, but they're often email or text scams. For example, you might get an email that looks like it came from your bank, telling you that you must log in to your account and update your information.

You click the link and log in to what appears to be a legit site but is a dummy site. Or, clicking a link downloads tracking malware to your computer, allowing identity thieves to log your keystrokes.

Either way, you've given up your login details without realizing it. For this reason, it's important to scrutinize closely any emails that request financial or personal information.

Here are some tips for avoiding online banking phishing scams:

Verify the sender's email address. Call your bank and ask if it sent you an email. Verify the email address that was used.

Hover over links. Hovering over a link inside an email can reveal where it will take you.

Don't share personal details. If you get an email from your bank asking for information, call your local branch or customer service to verify that it's legitimate before sharing any details.

6. Choose Trustworthy Financial Apps

Financial apps, including mobile banking apps, can help with banking, paying bills, sending money and shopping. But they're not equally secure.

If you plan to use your bank's mobile app, make certain you're using its official app. The best way to do that is to download the app from your bank's website. If you're downloading the app from the App Store or Google Play, verify that it's legit by checking the developer details and reading reviews.

Consider which apps you allow to access your online and mobile banking details. For example, you might want to use a budgeting app to manage your money. These apps generally ask you to share your login credentials to pull information and create a financial picture, putting your data at risk.

Before downloading a financial app, check its ratings. Research the app's security policies and look for past data breaches.

Is Online Banking Safe?

Online banking is a safe way to manage your money when your bank follows strict security protocols and you're aware of how to spot potential security threats.

Banks utilize various security measures to protect customer information. Those measures can include:

128-bit or 256-bit data encryption

Encrypted email messaging

Automatic logout functionality for online and mobile banking

Two-factor authentication

Continuous account monitoring

Electronic signature verification

Risks of Online Banking

Although it may be tempting to log in to your bank's website or app from your phone while you're out and about, using an unsecured network can have real consequences. Watch out for:

Phishing. Phishing is a means of gathering personal information by posing as a trusted institution-like your bank. Fraudsters can contact you via email or SMS and make it appear as though the message is coming from your bank. Phishing scams ask you to input personal information like passwords or bank accounts into dummy sites that look like ones you have seen before. They use that information to steal your money or your identity.

Viruses. If your bank doesn't use secure software, you could be exposed to malware or viruses that can corrupt your computer or phone.

Maintenance outages. If you rely exclusively on online banking, any potential outage, whether malicious or accidental, could leave you financially stranded.

Benefits of Online Banking

Although there are risks to banking online, secure digital banking has benefits that outweigh those risks. These include:

Convenience. Being able to transfer money, deposit a check or view your balance before a big purchase is all easy with secure online banking. With appropriate security measures in place, you can plan your life on the go.

Control. The idea of "banking hours" is obsolete when using online banking. You can deposit or transfer funds no matter what time it is. Some banks even offer around-the-clock online customer support through live chat or interactive FAQs.

Security. Banking in person comes with its own set of risks that are eliminated with digital banking. You don't have to worry about someone looking over your shoulder to see your account balance or overhearing details about your financial transactions.

Accuracy. Working with a bank teller can sometimes lead to mistakes. Secure online banking lets you double-check every transaction, no matter where you are.

Tools. Many banking apps offer location services to help you find the nearest branch or ATM. Sometimes also let you monitor your credit score from within the app.

What Is Data Security at Banks?

Data security refers to banks' strategies to keep customers' data secure. The primary goal is to protect any personal information from unauthorized access.

According to the American Bankers Association, a trade association for the U.S. banking industry, some of the most commonly used data security measures include:

Multi-factor authentication

Encryption

Privacy policies and training

Fraud prevention monitoring

Banks must report a data breach to regulators within 36 hours if that breach is likely to materially affect banking operations. The rule, effective in May 2022, is a joint effort by the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of Currency to enhance accountability in the banking industry. With this new rule, banks have an even greater incentive to take measures to protect customers' data security.

Bottom Line

Online banking offers convenience and control over your financial life. You can mitigate the risks by being proactive and protecting your online banking information. Doing so decreases the odds of your information ending up in the wrong hands.

Find The Best Online Banks Of 2023

Frequently Asked Questions (FAQs)

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Online Banking Security: How To Protect Your Online Banking Information

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Learn about the six security measures you can use to protect your online banking information and keep your financial and personal details out of the hands of hackers.

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It was the story of family of an Ottawa who lost $23,000, from her personal bank account as fraudster got access to her details. Sayeda Nazma Yousuf, a 66 year lady having account with Bank of Montreal from last 38 years got trapped in a fraudulent. With four weeks $23,716.68 was debited from the account. Almost $15,000 was funded by mutual fund redemption. After a complete investigation, BMO rejected their claim application.

I added this website link, it explains the real story of a person who experienced fraud and got drained of $23,000 from her account. You may get a life lesson after reading the article.

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The family of an Ottawa woman says she lost about $23,000 of her life savings after fraudsters gained access to her personal bank account and transferred money through a series of bogus transactions.

Sayeda Nazma Yousuf, 66, has banked with Bank of Montreal (BMO) for 38 years, during which time she never set up online banking, instead relying on monthly paper statements and in-person trips to the branch on Prince of Wales Drive.

That's why Yousuf's daughter knew something was amiss four months ago when she noticed a number of unfamiliar transactions on the joint account the two share, including Interac e-transfers and payments to a prepaid credit card registered with another bank.

"I was shocked," said Sharmeen Yousuf, who's speaking out on behalf of her mother due to a language barrier and because Nazma is uncomfortable going public on her own.

"I looked at the transactions - I couldn't believe what I was seeing," said Yousuf.

This is every senior's worst nightmare. - Sharmeen Yousuf

In the span of four weeks, $23,716.38 was transferred out of the account, according to bank records viewed by CBC. The money was moved using six e-transfers sent to two separate email accounts, four payments to a prepaid CIBC Visa card, and three bill payments.

The transactions were partially funded by a $15,000 mutual fund redemption.

The Yousuf family is adamant all these transactions were done without their knowledge or consent, and the family has no connection to the email accounts or credit card that received the money.

Victim was impersonated, security breached

In a recorded phone call reviewed by CBC, a senior BMO employee admitted a bank telephone agent had breached security protocol when he granted online account access to someone posing as the mother - one day before the first suspicious transaction.

However, the bank has refused to reimburse Yousuf due to "inconsistent information" gathered during its investigation, thereby casting doubt on the family's account of events.

Sharmeen Yousuf said the experience has left her mother feeling embarrassed, ashamed, stressed and anxious.

"When we put our money in the bank, we trust the institution. We trust that our money will be safe," she said.

"This is every senior's worst nightmare."

Fraudster set up online banking

The saga began March 16 when a caller impersonating Yousuf called BMO's contact centre to reset a "forgotten" PIN and set up online banking. The person provided her debit card number and answered security questions satisfactorily, thereby gaining access to her account.

The questions were:

1. Where was the account opened?

2. What kind of BMO products do you have?

3. Name one direct deposit received in the past 30 days.

The family criticized these questions as too simple.

The BMO phone agent provided the caller with an online banking password and helped reset the account's debit card PIN. A PIN change was completed shortly after at an ATM in Montreal - a two-hour drive from where the Yousufs live - but no cash was withdrawn.

The family suspects this transaction was done with a copied card because they say Yousuf's debit card never left her possession and she hadn't travelled outside Ottawa. BMO says it has ruled out the possibility of a duplicate card, though it hasn't explained how.
WATCH | Sharmeen Yousuf on her mother losing more than $23,000:

The bank's fraud investigators later determined the caller wasn't Yousuf, according to audio recordings of a BMO customer relations employee, but rather an "elderly woman probably trying to impersonate her."

The employee conceded the telephone agent who spoke to the impersonator didn't follow bank procedure by granting both a PIN change and an online banking setup during the same call. The employee said the bank considers this a "red flag situation," and the phone agent shouldn't have processed both requests.

"There's a lot of fault that happened by the employee that took that call and that's being taken care [of] on our end," the BMO employee said in the recording.

The employee also said camera footage showed a male conducting the Montreal ATM transaction.

Bank rejected claim due to peculiar activity

Sharmeen Yousuf and her mother reported the fraudulent transactions to the branch manager on April 12, one day after noticing them. The family said the manager told them they would likely be reimbursed within five to nine business days.

In an email sent June 8, BMO denied the family's $23,000 fraud claim.

"Although I can't get into all of the particulars of our internal review, it was confirmed that the card has not left your possession and legitimate transactions took place during the same timeframe as the reported unauthorized transactions, which do not follow a specific fraud pattern," the email said.

"Due to the inconsistent information obtained during our review, we are unable to offer reimbursement for the disputed transactions."

There's a lot of fault that happened by the employee that took the call and that's being taken care of [on] our end. - BMO customer relations employee

The bank denied the fraud claim, in part, due to some peculiar activity on the account that neither the family nor the bank have been able to explain.

One example is that Nazma Sayeda Yousuf said she made two purchases using her debit card and original PIN, even after the passcode had apparently been changed.

Another relates to three bill payments made during the period in question - two to Yousuf's Hydro Ottawa account, and another to her daughter's former Carleton University account. The family believes the fraudsters made these payments. They don't know why, but they say the hydro account had a surplus and the university account has been inactive for more than a decade. BMO says it's unusual for a fraudster to direct payments to a victim's legitimate accounts.

BMO raised the fact the fraudster was able to provide specific and accurate personal information, including the debit card number, the hydro account number, and answers to security questions.

"Someone ... from her surrounding might have the information or her information might have been provided to someone else," the senior BMO employee was heard saying in the recording.

The family can't explain how the fraudster obtained Yousuf's personal information, and they deny anyone close to them is involved. BMO has left them feeling unfairly blamed.

"I thought that losing $23,000 was bad, but what is even worse is being blamed for losing that $23,000," Sharmeen Yousuf said.

"That really hurts."

Bank missed red flags: expert

Vanessa Iafolla, a professor at Saint Mary's University in Halifax who researches financial crime, said Yousuf's bank records show several telltale signs of fraud.

Iafolla said the fact all the e-transfers were for amounts slightly less than $3,000 - a common threshold at which some customers have to wait to send another payment - demonstrates a certain level of sophistication and knowledge of the financial system.

She said a series of high-volume online transactions done in quick succession on the account of a senior citizen, who has no history of online banking and who normally completes only a few transactions per month, should have caught the attention of the bank's fraud prevention systems.

"It seems pretty clear to me that there were several important lapses of security that happened with respect to her accounts," said Iafolla.

"Any kind of financial transaction that significantly deviates from what a person might normally do should present a red flag."
WATCH | Prof. Vanessa Iafolla says irregular transactions should have sparked more scrutiny:

The Yousuf family filed a police report, but Ottawa police confirmed it has since closed the case. A spokesperson said the force could reopen the file "should the involved bank in this matter provide evidence of an offence."

BMO did not answer CBC's questions about the case, instead stating the bank has "reviewed the matter" and will be "in contact with the customer."

A day after declining CBC's interview request, a BMO regional vice-president sent a letter to Yousuf reiterating its earlier findings.

"We cannot conclude at this point that you have been the victim of fraud by a third party," the letter read. "We are, however, prepared to consider any additional information you can share with us and will continue to work with you to clarify what happened and come to a conclusion."

Sharmeen Yousuf said her family has lost faith and trust in the institution.

"We were really hoping that they would be able to help us and resolve this issue for us," she said.

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Bank won't reimburse Ottawa woman who lost $23K to fraudsters, family says | CBC News

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The family of an Ottawa woman says she lost about $23,000 of her life savings after fraudsters gained access to her personal bank account and transferred money through a series of bogus transactions.

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This website mentions the ways to report online fraud linked to the bank account. The website has provided with phone numbers and the email ID as well. If a person feels anything doubtful may contact the provided phone numbers or email ID. I added the link for TD bank, the same way every bank has its own

I Choose this link because it can be helpful, if a person needs to report a fraud activity on their bank account. Although the piece of information is not so big, but at times of need it can be helpful, as discussed above.

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Important:

If you have provided any ID and/or password information online, or suspect unauthorized activity has occurred in your account(s), call:

TD Canada Trust
1 866 222 3456

TD Direct Investing
1 800 465 5463

TD Insurance
1 877 397 4187

Web Business Banking Support
1 800 668 7328

Or your branch immediately.

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How To Report Online and Email Fraud | TD Bank Group

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Important: If you have provided any ID and/or password information online, or suspect unauthorized activity has occurred in your account(s), call: TD Canada Trust 1 866 222 3456 TD Direct Investing 1 800 465 5463 TD Insurance 1 877 397 4187 Web Business Banking Support 1 800 668 7328 Or your branch immediately.

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The attached image shares the benefits of opting online banking. The best benefit is that you can transfer or receive money anywhere and anytime. Also, it speeds up the loan application process. Above all, it is much safer than traditional banking.

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The attached image shares the disadvantages of online banking. Most common, hackers can access your personal information and bank accounts. In cases with multiple accounts, it is difficult to switch accounts. Above all it requires basic computer skills, which can be sometimes for elderly people.

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The thing which surprised me the most is that whenever we do online banking over public Wi-Fi, it becomes super easy for hackers to get control over our information. As I sometimes may have done that as well.

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Recently, my grandmother got interested to use online banking as earlier she always thinks that traditional way was best. So, it was hard time for me to help her with my busy schedule, although I helped her explaining each feature individually. But, If I would have done research earlier than would have provided her with links and she can easily get used to online banking, its benefits and risks.

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The first thing I am going to share is the risks involved in online banking, as my parents use online banking all the time, but are not aware of the fraud activities being carried out.