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.
Online banking is safe if you can guide your online banking details. I am usually mindful of the platforms i post my details online and how much details i expose as well.
I think online banking is generally safe. It is best to use banks that have been in the banking industry for many decades. However, it is still not a guarantee that you will be 100% safe. Hackers are becoming more sophisticated these days.
if you are with reputed institution, online banking is very safe. People with copying skills can copy signature and steal your money by signing a fake cheque but that is not possible for online transactions if you have secured your account with biometrics.
I have been using online banking for almost five years, specifically my bank app. And I have not had any serious issues with safety on it. I think much of staying safe using online banking depends so much on the user than the online banking institution.
