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Date Published : Wednesday, February 13, 2008
More and more Australians are logging on to the internet for their financial dealings. With online banking becoming more popular, why should those not yet converted get in on the act?
All the major banks and financial institutions in Australia have an online banking system, where customers can access their transactional and savings accounts.
With most banks, customers can transfer money, access high interest accounts and apply for other financial products such as home loans.
However, as with most online systems, safety is a top priority for online users. Unfortunately, hackers are still targeting banks as a way of accessing people's identities - not just their cash.
To avoid becoming a victim, it is important for people with an online account to change passwords regularly and not give them away to anybody, not even those closest to you.
However, most online banking systems have secure fraud procedures in place, if the unfortunate does occur.
Cyberspace Law and Policy Centre executive director David Vaile told NineMSN: "The larger banks recognise that the actual level fraud is relatively limited and can be treated.
"It's almost impossible to catch the baddie so banks treat internet fraud as a risk management exercise.
"What they are really concerned about is customer trust and confidence in the online banking system."
Despite this, the online banking sector is booming, with more Australians preferring the convenience and ease of internet banking over the traditional methods.
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