Online banking, also known as internet banking, is a service provided by banks and financial institutions that allows customers to perform various banking transactions over the internet. This includes activities such as checking account balances, transferring funds between accounts, paying bills, and managing investments.

There are several benefits of online banking:

• Convenience: Online banking allows you to access your accounts and perform transactions anytime and anywhere, as long as you have an internet connection.
• Time-saving: With online banking, you can save time by avoiding the need to visit a physical bank branch or wait in long queues.
• 24/7 access: Unlike traditional banking, online banking services are available 24 hours a day, 7 days a week, allowing you to manage your finances at your own convenience.
• Easy monitoring: Online banking provides real-time access to your account balances and transaction history, allowing you to easily monitor your finances and detect any unauthorized activities.
• Automated transactions: Many online banking platforms offer features such as scheduled bill payments and automatic fund transfers, making it easier to manage recurring transactions.

While online banking offers numerous benefits, it is important to be aware of the potential risks:

• Security threats: Online banking involves sharing personal and financial information over the internet, which can make you vulnerable to identity theft, phishing attacks, and other cybercrimes.
• Technical issues: Online banking relies on internet connectivity and technology, so technical glitches, system failures, or cyberattacks can disrupt the service and potentially impact your transactions.
• Fraudulent websites and apps: Criminals may create fake banking websites or mobile apps that mimic legitimate ones to trick users into entering their login credentials and sensitive information.
• Phishing scams: Phishing is a technique used by fraudsters to trick individuals into revealing their personal and financial information through fake emails, messages, or phone calls.
• Unauthorized access: Weak passwords or inadequate security measures can lead to unauthorized access to your online banking accounts, putting your funds at risk.