Online banking has revolutionised the way we manage our finances, offering convenience and accessibility at the tip of our fingers. But with the convenience comes the glaring question: is it safe? We sat down with Jodie Knott, from the Member Experience team at BankVic, to learn more about the most common myths they come across when talking about the safety of online banking.
Busted! Reputable banks prioritise online security. They employ advanced encryption technology to scramble your data, making it unreadable to anyone trying to intercept it. Additionally, multi-factor authentication adds another layer of defence by requiring a unique code, often sent to your phone, on top of your password. Think of it like a double lock on your virtual door.
Jodie explained that, “Although some people still believe that online banking is less secure, the reality is that significant advancements in technology and strict rules might mean online banking is just as safe, if not safer, than traditional banking methods.”
Traditional banking carries a higher risk of identity theft, as thieves and scammers can easily steal physical mail from mailboxes.
Traditional banking also has the disadvantage of having to post bank statements, which can result in delays that may allow fraudulent activity to remain unnoticed until it’s too late to detect suspicious transactions.
When you use online banking, the information you send, like your account details or passwords, needs to travel over the internet. To keep this information safe, banks use a special method called encryption.
“Think of encryption as a secret code,” Jodie explained, adding “Before your information leaves your computer or smartphone, it gets scrambled into a code that looks like a bunch of random letters and numbers. Even if someone tries to intercept it, they won’t be able to understand it because it’s in this secret code.”
“When your information reaches the bank, it gets unscrambled back into its original form so the bank can understand it. This way, your information stays safe and private, and only you and the bank can read it.”
Busted! Most online banking platforms are designed with user-friendliness in mind. They offer clear instructions, making it easy to navigate your accounts, transfer funds, and pay bills. Many banks also offer helpful tutorials and customer support to guide you through the process.
“We understand that many people have this concern, especially if they’re not very comfortable with tech, so we have made improvements to online banking over the years to ensure our digital banking platforms are easy for everyone to use, no matter their age or tech skills,”
Busted! Most online banking platforms are designed with user-friendliness in mind. They offer clear instructions, making it easy to navigate your accounts, transfer funds, and pay bills. Many banks also offer helpful tutorials and customer support to guide you through the process.
“We understand that many people have this concern, especially if they’re not very comfortable with tech, so we have made improvements to online banking over the years to ensure our digital banking platforms are easy for everyone to use, no matter their age or tech skills,” another BankVic representative said.
There are also a lot of resources available to help answer common questions about online banking. These types of resources are readily available on bank websites, or in printed format at your local branch, so everyone can learn at their own pace.
“BankVic employees are trained to guide members with step-by-step instructions over the phone or in person,” they added.
Busted! Reputable online banks offer various customer support options, including secure messaging, phone lines, and even live chat. You can get help with any questions or concerns you might have about your account almost instantly.
Many banks, including BankVic, have dedicated contact centres to support members via phone and email.
These contact centres exist to assist with any questions or issues a member might have and offer technical assistance if required.
“We recognise the importance of providing comprehensive services and support to members, regardless of the channel they choose to use,” Jodie explained.
“If our members prefer in-person banking or need additional help, they can call our Member Support team where they will receive personalised assistance including online banking set up, navigating the platform, and addressing any complex banking needs.”
Busted! Online banking platforms are designed to provide convenience; however, this convenience doesn’t come at the cost of human interaction. Banks recognise that personalised service is crucial, so most have integrated several ways for members to connect with a real-life person.
“It’s understandable why some people might think that online banking leads to less human interaction, but at BankVic, we’ve taken significant steps to ensure that our members still receive personal service, even when banking online,” said Jodie, adding that BankVic’s member support team is readily available through multiple channels.
“This means that if members have any questions or need assistance, they can quickly reach out and receive help from a real person. Our support staff are trained to provide personalised assistance, ensuring that members feel valued and supported.
Busted! Online banking has transaction limits, and these limits are intentionally in place to protect both the customer and the bank.
The primary reason for transaction limits is to prevent fraud and unauthorised access. By capping the amount that can be transferred online in a single transaction or within a certain period, banks can reduce the risk of large-scale financial fraud.
For transactions that exceed online limits, there are several secure alternatives.
Jodie told us, “Members can initiate large or complex transactions through our branches or by contacting our member support team.
“Our staff can assist with these transactions, ensuring they are handled securely and efficiently.”
This approach allows banks to provide additional verification and support, making sure the transaction is legitimate and processed smoothly.
“The belief that you’re more at risk for identity theft if you use online or mobile banking services simply isn’t true.”
For more information
For more assistance, you can refer to the Scamwatch website.
