How Safe is Online Banking in Nigeria?
Some years ago the perception of online banking seemed like a suspicious one and concerns about security and computer glitches were enough to put most people off. But despite these challenges, online banking has become a very useful tool in today’s fast world.
In Nigeria today most of the private and public sector banks are offering this free service to it’s customers in addition to Automated Teller Automated (ATM) and other latest banking services. But you have to be very careful when using this service because online is very vast and nobody can guarantee you 100 per cent security in online based transactions. In the knowledge economy that we live in, almost all transactions are web enabled. But with the continuing success of flagship companies like Access Bank Plc, Oceanic Bank Plc, Zenith Bank Plc etc, more and more of us are choosing to do business over the online. Sophisticated technology means that your information is well protected, and an online banking account offers several advantages over traditional banking anywhere, anytime.
The ease of being able to log on and carry out transactions at any hour of the day or night could be a welcome substitute to visiting the bank on your lunch hour. No queues and no bank holidays mean the customer has even more control over their finances. Plus, your account information is displayed as a clear overview no more riffling through mountains of old bank statements to find the information you are looking for. Because online banks do not have the overheads of running branches, they can pass on the savings to the customer, and offer better rates of interest on your money. Not only do they offer considerably more interest on your current account. Some people believe online banking to be even more secure than traditional methods because you will not have pieces of paper with insightful information lying around, and there is no hazard of your business being overheard by other bank customers. One needs to check if the site is secure whenever conducting transactions online. Never send passwords or account information in emails, and be sure to log out when you are finished your session.
When we talk about safety of online banking we should also look at the downside of it. In the past there have been a few cases of computer glitches revealing customers’ personal information, but these have been relatively minor and as online banking becomes more popular, systems are likely to become more secure than ever before. You do need to make sure your computer’s security system is very good, and that you have privacy for your online banking. Some people may miss the face-to-face contact of their local branch, and most will choose a combination of online banking, phone banking and branch visits. As online banking becomes more established, it’s likely most of us will end up conducting at least a proportion of our transactions online, and you could find switching on to the new banks well worthwhile.
I will also be talking about the pros and cons of the safety of online banking, which is a cost effective way of delivering financial services over the online through the bank's secure site. Online banking, which also refer to as online banking, Home banking or electronic banking, which is basically effective banking, which exists on the online. Even from the point of view of an individual, online banking makes a whole lot of sense to them.
Advantages
First and foremost, there is no need to take the time off and drive to the bank where he/she branch and wait in long, never-ending queues to be attended to. You can do all of your banking transactions online, with convenience greater speed, efficiency, additional services, effective, and accessibility. What I meant by convenience, is banks that are online never close, they are open 24/7 and only a click away. It allows one to transact at ones convenience, from the boundaries of your home or office. Speed in the sense that you process and execute transactions quicker than traditional banks. Also, in the aspect where you can use online banking to be served instantly without having to compete with people before you. While efficiency is very important in online banking you can access all your accounts from one secure site whereby there are electronic records of all your transactions and the chances of errors due to human intervention is minimal.
You no longer need to visit each individual post office. You can do it online with Online banking, without having to fill out and mail checks. Additional services - Free bill payment, rebates on ATM surcharges, credit cards with low rates, free online checking and easy online applications for personal loans and mortgages to name a few. In the aspects of effecting this offer various tools help you to manage your assets more effectively. Also, in accessibility you can access your account from any location and at anytime wherever you are. For most people the biggest stumbling block to online banking is learning to trust it and to be sure whether it is protected. The main concern of the safety of online banking is security, protection of customer's privacy and protection against fraud. However a lot of people are choosing online banking as their number one technique of banking as they appreciate the convenience. The cons aspect of the safety of online banking is that banks website changes whenever they are upgrading their online programmes adding new features in unfamiliar places. In some cases, you may have to re-enter account information. Start up takes time to open, in order to register for your bank’s online programme, you will probably have to provide your ID and sign a form at the bank branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together. Also, in online banking the learning curve is difficult this because the banks website can be difficult to navigate at first. What you need to do is plan to spend some time or read the tutorials in order to become comfortable in your fundamental lobby. The trust thing for many people, the biggest hurdle to online banking is learning to trust it. At this point customer tends to question themselves whether or not did their transactions went through when processing it? Did they pus the transfer button once or twice? The best bet is for the customers to print out the transaction receipt and keep it with your bank records until it shows up on your personal website or your bank statement.
Online banking is becoming increasingly trendy as it is an easy way of providing banking services. There are many advantages and disadvantages of the safety of online banking. One of the best things about technology or the most awful, this depends on our point of view, is the ease with which traditional banking transactions can be conducted. online banking, which emerged on the scene as a new and deceitful banking option has quickly become the most accepted way of banking online here in Nigeria. In fact, it would not be an overstatement to say that most Americans today use online banking instead of traditional banking. Even some of the bigger banks, do not offer traditional banking services anymore, or require charges to those who continue to bank the traditional way.
The Flip Side
We should always have this at the back of our mind that online banking has its own flip side too. There will be security concerns about online banking. Of course most banks have ensured that their online banking services are offered on secure, encrypted sites. But what about in the aspect where scammers always ensure that they come up with more and more ground-breaking ways in which they can try to break into your online banking. Hacker is just one such challenge, where criminal try to steal your online banking username and password, and then log in to your account to make withdrawals. But then again, the error in this case too is that of the trusting human nature, rather than the Online Banking technology. In any case, all banks that offer online banking provide guidelines on online banking safety and common scams that you should steer clear of. Many of the larger banks now have online banking. For instance, Oceanic Bank has it online banking, GTB online banking, and Bank PHB online banking to name a few. Every bank now has some variety of website where you can do your banking transactions. When you think about the positive aspects against the negative aspects of the safety online banking, you will find out that it saves time, money and removes most of the pain points which is related to traditional or conventional banking. And nowadays, Online banking is no longer a luxury. It is a necessary way to transact and do your transactions.
Clearly, the choice of whether or not to bank online depends on many variables. Even if a person can see the benefits, they may be unwilling if they do not trust or have much experience with the online.
On the other hand, people may only sign up for limited services like account viewing. This will save them from safety concerns but will still give them daily access to account activity. If you decide that online banking is right for you, be sure to review the offers of several banks. Each has different fees and benefits that can make a big difference in how much online banking costs you. By comparing deals and educating yourself, you will find an online banking service that suits your needs.
By Bisi Ikuomola,11.12.2008,Thisdayonline
In Nigeria today most of the private and public sector banks are offering this free service to it’s customers in addition to Automated Teller Automated (ATM) and other latest banking services. But you have to be very careful when using this service because online is very vast and nobody can guarantee you 100 per cent security in online based transactions. In the knowledge economy that we live in, almost all transactions are web enabled. But with the continuing success of flagship companies like Access Bank Plc, Oceanic Bank Plc, Zenith Bank Plc etc, more and more of us are choosing to do business over the online. Sophisticated technology means that your information is well protected, and an online banking account offers several advantages over traditional banking anywhere, anytime.
The ease of being able to log on and carry out transactions at any hour of the day or night could be a welcome substitute to visiting the bank on your lunch hour. No queues and no bank holidays mean the customer has even more control over their finances. Plus, your account information is displayed as a clear overview no more riffling through mountains of old bank statements to find the information you are looking for. Because online banks do not have the overheads of running branches, they can pass on the savings to the customer, and offer better rates of interest on your money. Not only do they offer considerably more interest on your current account. Some people believe online banking to be even more secure than traditional methods because you will not have pieces of paper with insightful information lying around, and there is no hazard of your business being overheard by other bank customers. One needs to check if the site is secure whenever conducting transactions online. Never send passwords or account information in emails, and be sure to log out when you are finished your session.
When we talk about safety of online banking we should also look at the downside of it. In the past there have been a few cases of computer glitches revealing customers’ personal information, but these have been relatively minor and as online banking becomes more popular, systems are likely to become more secure than ever before. You do need to make sure your computer’s security system is very good, and that you have privacy for your online banking. Some people may miss the face-to-face contact of their local branch, and most will choose a combination of online banking, phone banking and branch visits. As online banking becomes more established, it’s likely most of us will end up conducting at least a proportion of our transactions online, and you could find switching on to the new banks well worthwhile.
I will also be talking about the pros and cons of the safety of online banking, which is a cost effective way of delivering financial services over the online through the bank's secure site. Online banking, which also refer to as online banking, Home banking or electronic banking, which is basically effective banking, which exists on the online. Even from the point of view of an individual, online banking makes a whole lot of sense to them.
Advantages
First and foremost, there is no need to take the time off and drive to the bank where he/she branch and wait in long, never-ending queues to be attended to. You can do all of your banking transactions online, with convenience greater speed, efficiency, additional services, effective, and accessibility. What I meant by convenience, is banks that are online never close, they are open 24/7 and only a click away. It allows one to transact at ones convenience, from the boundaries of your home or office. Speed in the sense that you process and execute transactions quicker than traditional banks. Also, in the aspect where you can use online banking to be served instantly without having to compete with people before you. While efficiency is very important in online banking you can access all your accounts from one secure site whereby there are electronic records of all your transactions and the chances of errors due to human intervention is minimal.
You no longer need to visit each individual post office. You can do it online with Online banking, without having to fill out and mail checks. Additional services - Free bill payment, rebates on ATM surcharges, credit cards with low rates, free online checking and easy online applications for personal loans and mortgages to name a few. In the aspects of effecting this offer various tools help you to manage your assets more effectively. Also, in accessibility you can access your account from any location and at anytime wherever you are. For most people the biggest stumbling block to online banking is learning to trust it and to be sure whether it is protected. The main concern of the safety of online banking is security, protection of customer's privacy and protection against fraud. However a lot of people are choosing online banking as their number one technique of banking as they appreciate the convenience. The cons aspect of the safety of online banking is that banks website changes whenever they are upgrading their online programmes adding new features in unfamiliar places. In some cases, you may have to re-enter account information. Start up takes time to open, in order to register for your bank’s online programme, you will probably have to provide your ID and sign a form at the bank branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together. Also, in online banking the learning curve is difficult this because the banks website can be difficult to navigate at first. What you need to do is plan to spend some time or read the tutorials in order to become comfortable in your fundamental lobby. The trust thing for many people, the biggest hurdle to online banking is learning to trust it. At this point customer tends to question themselves whether or not did their transactions went through when processing it? Did they pus the transfer button once or twice? The best bet is for the customers to print out the transaction receipt and keep it with your bank records until it shows up on your personal website or your bank statement.
Online banking is becoming increasingly trendy as it is an easy way of providing banking services. There are many advantages and disadvantages of the safety of online banking. One of the best things about technology or the most awful, this depends on our point of view, is the ease with which traditional banking transactions can be conducted. online banking, which emerged on the scene as a new and deceitful banking option has quickly become the most accepted way of banking online here in Nigeria. In fact, it would not be an overstatement to say that most Americans today use online banking instead of traditional banking. Even some of the bigger banks, do not offer traditional banking services anymore, or require charges to those who continue to bank the traditional way.
The Flip Side
We should always have this at the back of our mind that online banking has its own flip side too. There will be security concerns about online banking. Of course most banks have ensured that their online banking services are offered on secure, encrypted sites. But what about in the aspect where scammers always ensure that they come up with more and more ground-breaking ways in which they can try to break into your online banking. Hacker is just one such challenge, where criminal try to steal your online banking username and password, and then log in to your account to make withdrawals. But then again, the error in this case too is that of the trusting human nature, rather than the Online Banking technology. In any case, all banks that offer online banking provide guidelines on online banking safety and common scams that you should steer clear of. Many of the larger banks now have online banking. For instance, Oceanic Bank has it online banking, GTB online banking, and Bank PHB online banking to name a few. Every bank now has some variety of website where you can do your banking transactions. When you think about the positive aspects against the negative aspects of the safety online banking, you will find out that it saves time, money and removes most of the pain points which is related to traditional or conventional banking. And nowadays, Online banking is no longer a luxury. It is a necessary way to transact and do your transactions.
Clearly, the choice of whether or not to bank online depends on many variables. Even if a person can see the benefits, they may be unwilling if they do not trust or have much experience with the online.
On the other hand, people may only sign up for limited services like account viewing. This will save them from safety concerns but will still give them daily access to account activity. If you decide that online banking is right for you, be sure to review the offers of several banks. Each has different fees and benefits that can make a big difference in how much online banking costs you. By comparing deals and educating yourself, you will find an online banking service that suits your needs.
By Bisi Ikuomola,11.12.2008,Thisdayonline