The Internet is your oyster
It cannot be denied that the World Wide Web brings numerous benefits and rewards to people all around the globe. Be it for work and play, we constantly rely on the Internet for our everyday needs and wants, and now it is proven that more and more consumers are looking to the Internet to complete their daily transactions via Internet banking. When Internet banking first appeared on the scene, many were sceptical that this concept will work, what with its myriad of pros and cons. However, with the many conveniences that are being offered every day by diligent bankers worldwide, consumers finally succumbed to the charms of Internet banking and last year, it was reported that 1 in 2 online users are using Internet banking regularly. This sums up to approximately 22 million adults relying on Internet banking portals for their financial transactions such as credit card and bill payments, fund transfers and miscellaneous transactions.

With Internet banking, consumers can:

• eliminate long waiting times at the bank and spend their hours more productively
• save money without overspending on fuel used for trips to the bank
• enjoy attractive rates and exclusive incentives offered by banks

Convenience at what price?
Many are still in a quandary over the downsides of Internet banking and one word that is constantly on the mind of these naysayers is “fraud”. Fraud happens when online thieves try to take advantage of unsuspecting online banking customers by stealing their identity, PIN numbers and other details, hoping to gain access to their money. One tactic consumers should especially be wary of is the phishing method. Scammers will replicate a webpage that’s closely similar to the customers’ online banking portal and persuade the consumer to login to that webpage via email. Clicking on the link will bring consumers to the fake website, which will result in customers losing their money to the cunning schemers.

There are many was to avoid online banking fraud – consumers just need to be vigilant and careful about their online banking activities.

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