Internet Banking and Fraud

Internet banking is arguably the fastest method of paying all kind of bills. With many people having time constraint today, they prefer to use electronic banking. Even, developing countries are now growing into the world of online banking. But fraud is posing a constant threat to its growth.

As internet banking keeps growing, fraud is also growing. The danger of fraud keeps causing major set back for both the providers and consumers of online banking. Now the question that rings are, can internet banking be separated from fraud? Can internet bankers stop fraud? What are the measures that can stop internet banking fraud?

1. Can Internet Banking Be Separated From Fraud?-The hard truth is that fraud and internet banking will always have a relationship. Fraudsters find it easy to communicate on the internet and it is so hard to trace them. With internet banking being the fastest way of cashing money, fraudsters will always utilize that, because before they are caught they would have cashed the money. Always know that fraudsters are clever, but you can track them down.

2. Can Internet Bankers Stop Fraud? – Internet bankers have tried to stop this monster called fraud from their business but they find it more and more difficult. For internet bankers to succeed, they will need the support of their customers. This is where the problem lies. Most of the consumers do not have the time for all the normal routine check require of them by their service provider. Some of the customers see this check as a waste of time and irrelevant. These only expose them to fraudsters. Customers must also take responsibilities for their account and its safety.

3. Measures That Can Stop Internet Banking Fraud– Before a consumer register for internet banking service, he/ she must do so with a provider that can boast of a quick customer service. This will reduce the risk of scam e-mails. Therefore, any customer that receives an e-mail asking for his personal information will be able to contact the service provider quickly to confirm the information. Service providers must also educate their customer about potential fraud right when they pickup the form to apply for internet banking facilities. Customers should be provided with fliers informing them about scam e-mails and how to detect fake e-mail messages and fake websites.

Even with the threat of fraud, internet banking keeps growing. But to eradicate fraud the service providers and the consumers must agree to work together. Internet banking is the best and the safest.

Source by Olajumoke Okunola