Online Banking

Powerful Essays
Online Banking

Introduction

The World Wide Web has changed our culture in so many ways. People are able to do so many activities over the World Wide Web, it is unbelievable. You can pursue a degree through online universities, communicate with users around the world, purchase goods and services online, and yes, you can bank and pay your bills online. This new technology has enabled us to make payments, maintain a checking/debit card account, balance transfers, all via the web. You can maintain your entire financial portfolio through online banks that provide this feature. There are online banks that can provide interactivity between popular financial management software programs, such as Quicken and Microsoft Money. When using online BillPay, in most cases, you even have the option to stop receiving your bills through the mail altogether. Of course, as there always are with any new technology, there are "strings attached", if you will. When placing information of such high value on the Internet, hackers, phishers, and other con artists can be expected to attempt to retrieve it. Identity theft, fraud, and security breaches are a few of the issues that surround this new technology. There are organizations dedicated to overseeing the developments of online banking. These organizations provide guidances and regulations to assist in resolving the issues outlined above.
History of Online Banking The first online banking service was offered by Presidential Savings Bank beginning October 6, 1995. Security First Network Bank followed suit, as an Internet-only bank. Soon "real-space" banks began to offer services online. These "real-space" banks who also offer services online are known as "brick and click" banks. Among the first brick and click banks to offer these services were Wells Fargo, Chase Manhattan Bank, and Bank One. The increase in the growth of online banking has nearly tripled from 2000 to 2005. According to research done by David



References: (continued) McGann, Rob. ClickZ Network: Solution for e-Marketers. Online Banking Increased 47 Percent Since 2002. 20 September 2005. Messmer, Ellen. Computer World. Advisory Body Calls For More Secure Internet Banking. 17 September 2005. Ponemon, Larry. Computer World. Trust in Online Banking: Hard to Earn, Easy to Lose. 20 September 2005. Presidential Bank. Press Kit: Online Banking Marketspace and Trends. 15 September 2005. U.S. Code Collection. Title 18 Part I Chapter 47 Sec 1030. Fraud and Related Activity in Connection with Computers. September 23 2005. Vijayan, Jaikumar & Lai, Eric. Computer World. Banks Get New Online Authentication Guidelines . 20 October 2005.

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