Online Banking, what is it? its features, and how to open online account?

Online Banking, E-banking

This post aims to cover:

What is online banking?

What are the benefits of online banking?

E-banking, Is it secure?

What do I need to open an online account? How to open an online account?

What is an online banking?

That kind of services that provided by regular banks online (via the internet) in which allows its customers to manage and control their accounts through the internet, in addition to other features and by providing a high security service

What are the benefits of online banking?

1.      Move money (transactions); this feature allow the customer to make a financial transactions such as transfer money from account to another, paying bills or send money to others which deem as transfer money between different accounts

2.      Tracking your account; this feature provide to the customer the opportunity to track his/her account and gain proof of what transactions he/she made (statements)

3.      Security; each bank must provide to its customers a kind of security that protect him/her from any fraud or hacking, as some of the banks may give to the customer a security software in which aims to protect the login data that the customer inters to access to his/her account. Although, there are other services that banks may provide such as card-reader or security promise

4.      Managing your account; some banks provide services that allows the customer to control his/her direct debits and give him/her the right to update their details (such as e-mails or address ... etc)

5.      Help and support; online banking provide to its user a full support and help service 24 hours a day via a specified help service centre that provided by the bank

6.      Other services; such as loans, savings, credit cards and many others

E-banking, Is it secure?

Well, the answer is yes, as most of the banks provide a high technical and legal services and terms that aim to protect the customer from any unwanted or hacking acts, by providing a high technical services and software to do so. But you need to update your browser frequently as hackers or fraudsters find un-updated browsers easy to exploit security gaps in older browsers

What do I need to open an online account? How to open an online account?

Well, most of the banks require two main requests when a customer want to open an online account, these requirements are: (a regular account number and the sort code). However, others may add other requirements such as a credit card number. Herein, it is better to read the terms of use to know what exactly you are required to provide to open an online account

Regarding to how you can open an online account, you should understand and apply the following:

1.      Prepare the required papers or conditions, as mentioned above

2.      Visit the online address of your bank

3.      Browse its terms and conditions

4.      Navigate to reach to sign up feature, then click on that icon

5.      Fill the form, and make sure that you have correctly input your data and details as they must be genuine

6.      Walk through the guidance that provided by the banks’ site

7.      Finally wait to receive a confirmation e-mail from your bank

It should be noted that most of the banks do not contact with their customers via e-mails, so if you received an e-mail from a bank then think twice before acting and it is recommended not to respond to such e-mails, as the common way to contact with you is via post or regular notification

 At the end we hope that you find this post helpful and useful. For more details or questions please feel free to place your request under this post

Mohammad Al-Thunibat

M & T

PayPal fraud, ( Online fraud )

One of the ways that commonly committed online- especially in online auctions (eBay auctions)- is PayPal fraud. In which this post will try to cover what and how this kind of fraud is committed by fraudsters and how you can avoid PayPal frauds

What is PayPal?

PayPal is one of e-commerce business types that allow its customer to transfer money and do payments through the internet. This process governed by the customer account in which it can be funded with electronic money from the customer bank account or credit card. For more details visit PayPal site

What is PayPal fraud?

Ø  One of the common types that fraudsters adopt nowadays is by buying an item from an online auction (eBay auction), which followed by paying through PayPal, then they ask the seller to arrange an appointment to collect the good or product; after this process fraudsters make a claim (challenging the selling process) to PayPal that they did not receive the good or product from the seller. In which PayPal is entitled in such case to refund the buyer (fraudster) if the seller did not has a shipment tracking number (in which in this case he/she did not), however, it should be noted that PayPal does not accept video evidence or signed documents as an evidence except a shipment tracking number as its policy states. In result, the fraudster will end with an item without paying anything in return

Ø  Other common fraud, is that when some fraudsters (especially from Nigeria) send to the seller an email from eBay or from PayPal (scam email) telling him/her that this person (fraudster) has bought the item or has paid via PayPal, in which the seller, therefore, must ship the item to that buyer (fraudster). In this case, if the seller was not careful he/she will do what that email says and end without any return for his/her item

How to avoid PayPal fraud?

1.      As a seller you must check the policy of PayPal before start using it, (read it and understand it)

2.      Specified exactly how the buyer will get the item, whether by shipping it or he must collect it, as this tool will help you to avoid any misunderstanding or fraud

3.      Do not give away the item without taking a confirmation from the buyer and send it to PayPal, in case the buyer collected the item

4.      It is recommended to handle the shipment rather than asking buyers to collect what they bought, in order to gain an effective evidence which is the shipping tracking number

5.      Do not act directly if you received an email before checking, (make sure that the sender and the content are genuine by accessing your eBay account or PayPal account and look for the selling order or payment)

6.      Do not replay to people you know for sure that they are fraudsters

7.      Inform PayPal directly or eBay about any suspicious person

8.      Inform your local authorities about any suspicious person or activity

9.      If you have been a victim of such kind of fraud then you must inform your local authorities about the fraud directly

Finally I hope that this post can be useful and helpful, please leave your comment or question if you have any

Mohammad Al-Thunibat

M & T