Security is Hot Issue in Online Banking

Ensuring transactions are secure over the Internet is a chief concern for those who want to bank online. This and other observations were gained from a recent CNNfn poll on virtual banking.

Just over 27 percent of respondents hailed security as their chief concern over other issues, such as a bank's financial stability and even ATM banking fees. Banks report they go to great lengths to make certain encryption, or the way a secure transaction is sent over the Internet, is solid and that the code cannot be broken. Banks also have created other methods to ensure transactions are secure when, for example, too many withdrawals are made in the same numeric configuration. The bank notifies the customer that there may be a security problem.

Matt Lawlor, CEO of Online Resources and Communications, said that customers, in general, overreact when it comes to security, citing the fact that many people offer their credit cards freely over the Internet, and interact with ATMs continuously.

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