The topic I am going to be covering is the recent shift of major banks to a paperless business model. In recent years, banks have attempted to implement numerous online alternatives to conventional banking methods. Almost all banks now don't just offer the option of online bank statements, but almost force them upon their clients. One recent e-mail this blogger received, for example, stated:
Dear Anders Mikkelsen,
Are you our next sweepstakes winner? Switch to Online Only Credit Card Statements¹ and be entered for your chance to win.
"I switched to Online Credit Card Statements because I
wanted to reduce the amount of paper I have to handle."
 | |
| Denis D., Brooklyn Park, MN Previous $2,500 Winner* | |
| |
This online movement by banks is not just limited to statements, however. Banks also allow their customers the ability to transfer funds, pay bills, view spending reports and more without leaving their computers (or even their mobile phones)! While at first glance this shift seems like a great development designed to majorly increase the convenience of banking, it does raise great concerns about safety. Banks have every last detail about their customers finances online. If someone was able to hack into your account, they would be able to use credit card history to see every place (down to the address) you have used a credit card in the last year. They would be able to transfer funds (essentially take your money) without needing to show photo ID to a bank teller. Essentially, online banking is a dream come true for identity thieves.
Online banking does have some clear risks, but banks do work meticulously on security and there are precautions that can be taken. This blog will attempt to detail some new advances in online banking by specific banks, the dangers these could cause, and the ways to increase your protection in online world.
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