Banking and Online account scams

Banking and Online account scams

Now a day, online banking has become more common to all the people. All types of bills, for example, electric bill, mobile bill, online purchasing bills, etc. can be paid online. These transactions can be checked in an account in online. Most banks offer the online banking. It makes your finance easier. One advantage of this is you can access your account information from anywhere on the internet. Common types of scam are shortlisted as below.

Cons of online banking                        

1) Payment of bills through online 

Bills can be paid online which reduces the usage of stamps and papers and protect the loss of check in the mail. There is a section in the bank where you have to pay. When you are going to pay the bill online you have to fill in the information for the only one time and from the next time onwards you can simply select the profile and pay the bill.

If the facility for paying the bill online in your bank means you can pay online through the company. But they will charge a fee for that. In some banks, they will allow taking photos of the check to deposit. In case there is not necessary to go to the bank itself. Even though the money transfer is easy but it will be risky if you send the money to the unknown. Money cannot be traced and not reversible and it is exploited by scammers.

2) View the transaction

You can access your account from anywhere and you can check the transaction history whether it has cleared your account. This facility provides security for your account from the unauthorized transaction.

The transactions which are performed on that day will be shown by the bank. Wrong debit due to the PIN number left around and it is used by someone without your knowledge. If you have found any unauthorized transaction means you can contact the bank and you can solve the problem.

3) Money transfer between accounts

There will be a quick transaction of money between different accounts in online banking. Thereby you can avoid going to the bank. Payment of loan will be carried out in the online banking easily. Online banking provides the option of transferring money between banks. You have to maintain the number of online transfers’ limits. Cracking and stealing of password by hackers is possible here.

4) Mobile banking

Most of the banks are having a mobile app by which you can do online banking on your mobile itself. You check your account even when you are in shopping. Mobile banking is easier than the online banking. According to the infinity app review, the risk of fraud includes mobile malware, stolen credentials, and business logic flaws.