An Investigation Of Emerging Risks Associated With Online Banking

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The internet changed the way of our thinking. The internet touched every aspect of our lives. Everyone uses various technology the moment they wake up till the moment they sleep. People are surrounded by different technologies. Human depends on technology for their day to day work. It is impossible for humans to complete their work without the use of technology. That’s why the lives of people are incomplete without the use of different techniques even small children are totally depending upon the technology. If you are doing shopping, paying bills of your apartment, if you want to learn to play a new instrument, getting food delivery at your step and anything else, the technology always provides us a solution and makes everything possible. Technology makes our work easy and offers us the best solution.

Banking is not separate from technology, all the processes and all the operations held in banking with the help of technology. Internet banking is the right word that helps in all the operations of banking and makes the lives of people very easy across the globe. Every people in this universe is depending on the internet. Especially in the most populous country where there are never-ending queues outside the bank, internet banking is a blessing for these kinds of people. Internet banking makes everything possible for people and helps people to carry out all simple tasks through the internet. People can check their accounts and can access their accounts with the help of internet banking. They can access their savings account, keep an eye on their account balance, pay bills, can do shopping, can transfer funds from one account to another, get all the e-statements and much more with the help of internet banking.

Internet banking

Internet banking is also known as net banking or e-banking. It is the facility provided by the banks to its customers to use banking services through the internet. There are various services like a money transfer from one account to another via the use of the internet, paying all bills whether it is electricity bill, phone bill or any other bill, keep the track of account, etc. are available to customers through the internet banking. Internet banking also helps banks in promoting their goods and services that it reaches to millions of customers. The only thing that you need to use internet banking is a device that is connected to the internet. Internet banking can also be accessed through mobile phones which have a 3G or 4G connection.

Scope of Internet Banking Services

There are various indispensable services of banks which made available to customers through internet banking. If you don’t have internet banking, you need to go to the bank for using any service. Customer can perform various financial services related to transactions such as transfer of funds, paying bills online, apply for different kinds of loans, opening any account, and many other services related t debit card and credit card. There are some non-financial activities like applying for a new checkbook, getting all account-related statements, updating contact number, updating address, if one wants to start and stop the payment from any card, to convert the account from savings to current and many more.

Emerging risks associated with Online Banking

Security Risks

The biggest dangerous risk in the field of internet banking is a security risk. Almost all bank makes sure that their bank website is secure but no bank is immune from attacks. These attacks can be of various types like cyberattacks, hacking the personal data, malware, threats and many more. Hackers generally search the bank’s website just to get the information about accounts of people. The bank website can access by any person. So hackers can also access the websites very easily as a normal person does. This is very easy for them to get information. So it is very necessary for all the people to proceed with your information carefully and with caution and especially if you are using banking services on your android mobile phone.


The other merging risk in internet banking is withdrawing money from ATM. Although the ATM is very secure and no one can access the information of another person. But, people cannot withdraw money from their mobile phones they have to visit the ATM to withdraw money. While many businesses accept credit cards or debit cards but still it is necessary for people to keep cash with them. Hence, people go to ATM to withdraw money. ATM is a bank’s physical location and ATMs are present in all places. This becomes very dangerous and challenging because any thief can come and forced to withdraw more money. Or they can also force you to tell them the PIN. Some hackers can note down your Pin and can also trace your card details.

Deposit Limitations

Most of the users have a smart or android phone, but not all. This is the other disadvantage for people, who does not have a smartphone. If you have a smartphone you can deposit the check through your android phone but if you don’t have a smartphone, you have to visit the bank for depositing money. Many banks have their apps to deposit money from paychecks. Their apps allow scanning the photo of a check for automatic deposit. This feature is very helpful for the ones who are having a smartphone. Those who don’t have an android phone must go to the bank to deposit checks.

Customer Service

Although all banks provide customer care service. But sometimes, it is very hard to connect to the executives of customer care service. If we compare the online customer service and offline customer service, then offline customer care service is better. Because many people cannot understand the things the executives explain on the phone. People are more comfortable and get all the points if they visit the bank and talk to the executives face to face. For example, if you are in a bank and asking your queries face to face on all important topics like financing, credit card rates and types of loans all in addition to standard banking. Then you understand these topics face to face more clearly.

Technology and Service Interruptions

Although all systems are very efficient and stable. But if we always use internet banking on the risk of computer stability and efficiency. If a system or computer interrupts in between then you have to wait until the system gets back to its position. Your ability to access the bank account online will surely depend on the internet speed if the speed of internet is good then your account will slowly proceed all the time. Sometimes, the bank’s server goes down on sometimes become unavailable completely because of some maintenance is going on.

These are some points and some risks associated with online banking. If you have any doubts or queries related to your online assignment help topic then you can ask for help at any time.

The conclusion

Every technology has advantages and disadvantages. The same is for internet banking. It has its merits and demerits. It is very helpful for almost all people. Anyone can use it as all the apps provided by banks are user-friendly. Any naïve user can understand the terms and conditions of internet banking apps. If you are still in confusion for any assignment help topic then you can contact the assignment writer. These writers are very professional and can guide throughout your academic career.

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