Security issues: An online banking system could be targeted by miscreants. Hackers are constantly looking for ways to exploit loopholes in bank websites as well as online stores. 'Phishing' is a term that is used for the scam in which an unauthorised person creates a replica of a website and tricks people into entering their account numbers and passwords. To avoid being tricked, you should always check the security certificate of the website you are using, before you give any details out.
Lack of documentation: When business is conducted online, everything is done through the computer screen and no receipts are given. After you make an online transaction, you should always print out a copy of the online confirmation of your payment. Ensure that details like the amount you paid, product description, terms of delivery, etc. are clearly legible on it. Also, write the date of the transaction if it is not mentioned.
System failure: On a rare occasion, it is possible for an online system to suffer a failure and crash. If it is serious, all your data records could be lost. Prepare for any possible mishaps by regularly backing up your data on CDs and printing out hard copies of any transactions you carry out. Also, have a good anti-virus program installed on your home computer and update it regularly. This will prevent any loss of data at your end.
Online banking is the stepping stone to a future where convenience will be the name of the game. Open your mind to the possibilities of this wonderful service and do not hesitate to explore its benefits.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
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