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In the past few years, banking activities in the country have been largely driven by Information and Communication Technology (ICT).
As a result, many financial institutions are introducing and expanding their offerings of electronic banking products and money is being carried in information storage medium such as cheques, credit cards and electronic means than in its pure cash form.
Banks have, therefore, augmented their distribution networks with transactional websites, which allow customers to open accounts, apply for loans, check balances, transfer funds and make and receive payment over the Internet. With this practice, it is believed that the less the pure cash that is used for transactions within a society, the more viable it is to conduct business and banking activities electronically.
The advent of the Internet has undoubtedly empowered consumers. Consumers can access a virtually unlimited selection of products, brands and sellers.
Benefits
There’s so much you can do with Internet Banking. You can even go paperless and keep your statements in one secure place. Plus by regularly keeping track of your accounts, you can be more aware of any suspicious activity.
You can access your bank accounts every hour of the day. It’s the quick and easy way to keep track of your money, make payments and see your statements.
How to protect your account
Many banks have taken steps to protect their customers at all times, using technology and safeguards that meet or exceed industry standards. But they also caution that the customers should use online banking services carefully.
They equally send scam alert from time to time to the customers, telling them how to protect their accounts. Here are few of them:
•Never disclose your account or card details to anyone or enter your personal banking details on a website that is sent as a link in an SMS, e-mail, online or any social media platform.
•Exit any page immediately if you are asked to enter your account, card or internet login details.
•The staff of the bank or agents will never call or send you an email asking for your account details, PIN, card or other personal bank details in exchange for monetary or material reward.
•Take a screenshot of fake online flyers that clearly show the link (website address) and send it to your bank by email so the bank can block the site.
•Promptly report any scam calls, SMS and e-mails as well as the phone number to your bank.
