Online banking pros and cons Memphis TN

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

Financial Federal Savings Bank
(901) 756-2848
6305 Humphreys Boulevard, Suite 100
Memphis, TN
Southeastern Commercial Finance
(901) 507-3020
5860 Ridgeway Center Pwky. , Ste. 240
Memphis, TN
The Sims Financial Group
(901) 682-2410
855 Ridge Lake Boulevard, Suite 303
Memphis, TN
National Bankers Trust
(901) 255-8330
8245 Tournment Drive, Suite 120
Memphis, TN
Independent Bank
(901) 844-2050
1711 Union Ave
Memphis, TN
Regions Bank
(901) 580-6000
3545 Kirby Pkwy
Memphis, TN
Trustmark Bank
(901) 795-4777
3785 Riverdale Rd
Memphis, TN
Trustmark Bank
(901) 332-3136
4574 Elvis Presley Blvd
Memphis, TN
Trust One Bank
(901) 759-3511
1715 Aaron Brenner Dr Ste 100
Memphis, TN
Bancorpsouth
(901) 762-0369
6363 Poplar Ave
Memphis, TN

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.

About the Author:

©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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Featured Local Company

Financial Federal Savings Bank

9017562848
6305 Humphreys Boulevard, Suite 100
Memphis, TN