Online banking has become very popular over the years with most people's banking being done online now rather than in a bank or at an ATM machine.
Even now, you are able to use your mobile device to make purchases using your card either using Google Wallet or Apple Pay which seems to be very popular now.
What are your thoughts on online banking? Is it as safe as they claim?
I think online banking with the bigger banks is generally safer than online banking with startups.
I say this because startups don't always even check passports, meaning anyone can use your details to register!
Also app-only banks especially startups like Tandem bank often only require you to sign in with your phone number (of course verified with a text message), but still this means that all a bad actor needs is access to your phone. There should be some kind of passcode protection at least. There isn't.
In the UK, banks registered with the FSCS guarantees protection of up to £85,000 in the event the money goes missing.
Is there a reason you do not use ATMs at all? I myself tend to do my best to avoid them due to the stories you hear of people tampering with them but sometimes, I do have to use them and take that risk. I have never had any issues but there is always that worry.
When you ensure that you bank with credible online banking platforms, it is very safe. I have been using online banks for a long time now and have not found any issues with it.
