Online banks are banks that offer financial services online. They can be distinguished from traditional banks, which offer financial services only in branches. Online banks allow their customers to access financial services 24 hours a day, 7 days a week. This allows customers to perform financial operations at any time of the day or night.
What exactly is an online bank? Definition of the term
An Internet bank is nothing more than a bank that provides its services over the Internet. Thus, it can be said that it is a virtual bank. All the activities that can be done in a “regular” bank can also be done in an online bank. Therefore, more and more people are choosing to use such services. This is because they offer many advantages.
First of all, it is a convenient solution. There is no need to visit anyone or stand in lines. Everything can be arranged online – both opening an account and maintaining it. What’s more, access to the online bank is possible 24 hours a day, 7 days a week. Another advantage is that such a bank offers lower fees than traditional land-based banks. Therefore, it is worth considering this solution if you want to save money.
In conclusion, online banking is a very convenient and economical solution for everyone.
Genesis of online banking
Internet banking is a service that allows bank customers to handle their money via the Internet. Compared to traditional banking, Internet banking offers its customers many additional features and services, such as the ability to make online payments or check account balances in real time. Internet banking is also a very convenient way to operate a bank account, as it can be done from anywhere and at any time. Internet banking began its history in 1994, when the first bank – Bank of America – launched its first website. Over the next few years, banks around the world began to invest massively in developing this new form of banking.
To this day, banks offer a wide range of online services, and their websites have become some of the most popular places on the web. More than 25 years have passed since Bank of America launched its first website. During this time, online banking has grown tremendously and has become one of the most popular forms of banking in the world. Nowadays, banks offer their customers many additional features and services to help them manage their money even better.
Internet banking – typical risks
Online banks are a convenient way to manage your finances, but there are a few typical risks to be aware of. One of the main threats is a hacking attack. In this case, hackers capture a customer’s personal and/or financial data. This data can be used to extort money or commit other crimes. To protect yourself from a hacking attack, make sure your bank’s website is secure and protected by SSL encryption. Also check that the URL begins with “https.” Another common threat is phishing. Phishing is a form of cyber-attack in which hackers pose as representatives of a bank or other company and send emails or text messages with fake links to websites. Clicking on such a link can result in the interception of personal and/or financial information and viruses or other spyware.
To protect yourself from phishing, make sure the link to your bank’s website is secure and appropriate. Also check that the URL begins with “https.” Online banks offer a convenient and secure way to manage your finances, but be aware of common threats such as hacking and phishing attacks. To protect yourself from these threats, make sure your bank’s website is secure and protected by SSL encryption, and check that the URL starts with “https.”
