ONLINE

BANKING

Worked by : Sygrida Pepkola

Accepted by : Olsa Xhina

An Introduction to Online Banking:

>> Introduction
>> What is On-line
Banking
>> Advantages &
Disadvantages
>> Security
>> Conclusion

What is On-line BankingBanks facilities?

- All of the banks facilities can be accessed
and
used over the telephone line
What do I need?
- A Hayes Compatible modem,
- A PC with windows 3.1 or windows 95
- An account in the bankitself.
How much does it cost?
- Uniformity - 30 cents per transaction -
Overall cost of 3.75 per month

What does it do?

- Personal Business and Checking Accounts
-Personal and Business Loans
- SavingsAccounts
- Individual Retirement Accounts-
- Wire Transfers
- Travelers Checks
-Safe Deposit Boxes
- Mortgage Loans
-Christmas Savings Accounts
- DisabilityInsurance
- Bill Pay

How can I apply?

Easy and Hassle free
- Become a user within minutes
- Applicationform

How has On Line Banking

Changed:
>> Silicon age
>> Search Engines
>> Banks
- Increased number of functions
>> Ireland
- Catching up slowly but surely.

On-line Banking
Advantages and
Disadvantages

Advantages of On-line
Banking
One of the main advantages of on-line
bankingis that access
can be made to accounts 24 hours a day.
Accounts can be examined.
- Information on current accounts,
savingsaccounts and credit card accounts are
readilyavailable.
Money can be debited or credited
betweenaccounts.
- Bills such as ESB or Telecom Eireann can be
paid

There is a great saving in both time and

money
for both parties.
- The bank saves on stationery and
manpower.
- The customer does not have to ring the
bank orqueue to get information.
- The bank does not have to answer
queries bytelephone resulting in man
hours saved.
- The end result is that on-line banking
will be
much cheaper than paper transactions.

Disadvantages of On-line Banking

In order to avail of on-line banking thecustomer
must own or have
access to a computer connected to the
Internet.The main disadvantage is the problem of
security.
- There is always a danger over the WWW
ofcustomers information being accessed
byunauthorised personnel.
- Elaborate procedures have been made by banks
toprevent this.
- This increases the cost of on-line bankingsince
security codes and hardware must beconstantly
reviewed and revised, updatingregularly as
necessary to ensure security.

Security of
Online Banking

Security and On-line Banking

- The security of information via on-line bankingis of up most importance .
- To encourage more customers to use on-linebanking, the biggest problem is to ensure asafe and secure processing of banking information.
- Access to accounts and other confidential
information by thieves or hackers must be
denied .To ensure secure on-line banking, procedures andsystems have to be developed to minimise the risks of
unauthorised access.

- The customer is supplied with a small

calculator like device with its own fourdigit
token.When the device is switched on, itwill not
operate until this four digit code is
entered. .
- When the on-line banking homepage is
opened,
the customer is presented with a six
digit"challenge".
- This challenge is then entered into
thecalculator like device.An algorithm in
thedevice converts the challenge code into
anothersix digit code.
- This six digit code is entered on the web
pageand returned to the on-line service.
- If the correct digits are returned,
thecustomers accounts are accessed.

- Constant vigilance is required to

ensure thesecurity of on-line
banking.
- It is likely that the internet will
become the
main medium
for on-line banking, however, this can
only be
achieved
if security and confidentiality are
guaranteed.