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Benefits of Online Banking
Posted By Jim On 06/20/2005 @ 11:20 am In Banking | 7 Comments
The state of online banking and online transactions looks bleaker every day. Back when the only way your data was stolen was when a “hacker” intercepted it, I was confident that 128-bit encryption was going to protect us forever. Now, with data being stolen at the destination , or when it’s being backed up , or when it’s being processed by a third party  – we need some serious thought to the actual benefits of online banking.
Even with all the data being lost, the benefits of online banking are obvious and might outweigh the risk of a bank losing your data. Personally, I always conduct as much business as possible online because the recent stories you’ve heard could happen to strictly off-line banks. Loss of data during a backup? Loss of data due to theft from the inside? It’s all possible even if your bank doesn’t have a website. What do you think?
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 stolen at the destination: http://money.cnn.com/2005/04/12/technology/personaltech/lexis/index.htm
 when it’s being backed up: http://money.cnn.com/2005/06/06/news/fortune500/security_citigroup/index.htm
 it’s being processed by a third party: http://money.cnn.com/2005/06/17/news/master_card/index.htm
Thank you for reading!