E-Banking And M-Banking

Prepared By:-

Kishan D. Dholakiya

What is E-Banking:-

Internet banking (or E-banking) means any user with a personal computer and a browser can get connected to his bank’s website to perform any of the virtual banking functions.

The term "electronic banking" or "e-banking" covers computer, telephone or mobile banking.

In other words it is said that it is updated 'on-line, real time'. The system is updated immediately after every transaction automatically.

What is M-Banking:-

Mobile banking is a service provided by a bank that allows its customers to conduct financial transactions remotely using a mobile device such as a mobile phone or Tablets.

It uses software, usually called an app, provided by the financial institution for the purpose.

The earliest mobile banking services used SMS, a service known as SMS banking.

Mobile banking before 2010 was most often performed via SMS. After 2010 Apple and Google Promoted internet services for m-

banking.

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Usages Of E-Banking:-

Viewing account balances, recent transactions, Bank statement, Downloading applications for m-banking.

Fund Transfer between  the customer's linked accounts Paying third parties Investment purchase or sale Loan applications and transactions Credit card applications Personal financial management support, etc….

Technology Used in E-Banking :-

The Electronic Fund Transfer (EFT) Automated Teller Machines Credit and Debit Card Charge Cards Smart Cards Mobile Applications WEB Services

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Advantages Of E-banking

Permanent access to the bank Lower transaction costs / general cost reductions Access anytime and anywhere Less time consuming Very safe and secure method Fast, Accurate No need to visit bank frequently Increase cashless transections

Risks/Threats of E-Banking :-

India comes second and fourth on the list of cyber attacks directed towards mobile users and Computer users respectively.

Most of these are phishing attacks aimed at users’ banking information

53% Indians worry over security in mobile financial services A 2014 there were 536 cases of computer intrusion, with an average

loss per cases of Rs.30,000.

(source: indiaexpress.com)

The most common types of E-banking threats :- Fake Banking Apps And Websites Unsecured Wi-Fi Phishing Attacks Malwares and Viruses Inferior Security Fake Promotional Offers Lack Of Awareness

Steps that should taken for Safe Banking :- Always use original websites mentioned by banks. Install banking apps (any app, for that matter) only from official

stores such as Google Play/App. Store Avoid using banking activity on free, unsecured Wi-Fi networks

available in cafés, airports, hotels, etc Avoid clicking on links or downloading attachments that come with

unexpected/unknown emails or SMSs Once done, always Log Out. Avoid clicking on options like

‘Remember Me’ or ‘Keep me logged in’

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Never store banking information like login ID/Passwords, credit/debit card number, its CVV number, etc., on your phone

Secure your phone with a Password or PIN When in doubt, don't respond

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Thank You