Online banking pros and cons Birmingham AL

Banks have embraced the internet as an inexpensive way of doing business with their customers. However, there are several major risks of online banking, including identity theft.

Local Companies

First Commercial Bank
(205) 879-2800
Birmingham, AL
Regions Bank
(205) 326-7977
Birmingham, AL
Compass Bank
(205) 297-6659
201 State Farm Pkwy
Birmingham, AL
First Commercial Bank
(205) 868-4929
102 Inverness Cors
Birmingham, AL
Compass Bank
(205) 297-3184
100 5th St
Birmingham, AL
Compass Bank
(205) 297-5029
9208 Parkway E
Birmingham, AL
Birmingham Tip-Off Club
(205) 326-2265
17 20th St N
Birmingham, AL
Superior Bank
(205) 714-5700
218 Louisa St
Birmingham, AL
Compass Bank
(205) 297-7991
Birmingham, AL
Amsouth Bank
(205) 326-5300
63 2nd Ave SW
Birmingham, AL

Unfortunately, certain clever criminals have made the very notion of online banking inherently risky. Using a system known as "phishing", these unscrupulous types have sent out millions of e-mail messages that appear to be from legitimate banking institutions, asking customers for personal information, such as usernames, passwords, credit card numbers and Social Security numbers. Many people have replied to these messages without realizing that they are not from their bank, but from someone who wants to steal information from them.

An even worse problem is that of "pharming" where malicious code directs customers who are trying to find a bank's Website to a site that the criminals have set up that looks just like the real one. This one, however, is only there to steal information.

This has led to some customers losing money, as the crooks have been able to infiltrate their bank accounts using the stolen information. An even worse outcome is that there is not a bit more unease among all consumers about engaging in financial transactions online.

There are a number of solutions in the works. Some of them involve more detailed questions of customers as the log in, so that their identities can be more accurately confirmed and so that the customers can be assured that they are at the right Website. The hardware solutions are more effective, as they require that the customer use a physical device to connect, such as a card that displays a number that changes once a minute that only the real bank's server knows. The problems with these solutions are cost and the problem of physically distributing the devices to the public. Internet commerce is still in its youth, and these problems will eventually go away as the entire system becomes more sophisticated. In the meantime, customers who bank online should make a habit of becoming more cautions as they use the Web for financial purposes.

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©Copyright 2005-06 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.homeequityhelp.net, a site devoted to information regarding home equity lending.


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