ICT4 Elderly/E-banking

Contents of the module

Understanding homepage and navigation through the bank site;
E-banking in national country of the participant;
Monitoring personal financial accounts;
Money transfer;
Safety tips (passwords, scams).

Learning objectives

To teach about the most suitable E-bank provider;
To raise awareness of safety risks while using E-banking and to be able to avoid those risks;
To teach understand the advantages of online banking (from the comfort of their home, 24/7);
To encourage feelings of confidence and self-efficiency while using E-banking services among the participants.

Learning outcomes

Participants are able to access e-banking services using an intelligent electronic device;
To be able to use online banking facilities 24 hours a day;
Participants are able to transfer money to other accounts;
Participants are able to print the receipt of their transaction.

Learning scenario

Videos;
Interactive demonstrations of homepage and navigation through the bank site;
Lecture on advantages of E-banking and safety tips while using it.

Evaluation

Every participant has to successfully log in to the bank site and make an online transaction of their money to another bank account;
Every participant has to check and print account balance.

Following this module learners will:

Be able choose the most suitable E-bank provider for them;
Be aware of safety risks while using E-banking and to be able to avoid those risks;
Understand the advantages of online banking;
Be able to access e-banking services using an intelligent electronic device.

Introduction

Electronic banking is a form of banking in which funds are transferred through an exchange of electronic signals rather than through an exchange of cash, checks, or other types of paper documents. Transfers of funds occur between financial institutions such as banks and credit unions. They also occur between financial institutions and commercial institutions such as stores. Whenever someone withdraws cash from an automated teller machine (ATM) or pays for groceries using a debit card (which draws the amount owed to the store from a savings or checking account), the funds are transferred via electronic banking.

Electronic banking relies on intricate computer systems that communicate using telephone lines. These computer systems record transfers and ownership of funds, and they control the methods customers and commercial institutions use to access funds. A common method of access (or identification) is by access code, such as a personal identification number (PIN) that one might use to withdraw cash from an ATM machine.

There are various electronic banking systems, and they range in size. An example of a small system is an ATM network, a set of interconnected automated teller machines that are linked to a centralized financial institution and its computer system. An example of a large electronic banking system is the Federal Reserve Wire Network, called Fedwire.

This system allows participants to handle large, time-sensitive payments, such as those required to settle real estate transactions.

Electronic banking laid the groundwork for speed and convenience in individual and commercial (business) banking. The spread of personal computer use has added another layer of convenience and speed to the process. Electronic banking allows customers of most banks to do their banking at any hour of the day, regardless of the bank’s operating hours. If customers choose to do such things as transfer funds or pay bills, they can usually do so from anywhere Internet access is available.

Online banking typically offers bank statements, electronic bill payment, funds transfers between a customer’s checking and savings accounts (or to another customer’s account), loan applications and transactions, and purchasing or sales of investments, all of which allow customers to maintain their accounts without making a trip to the bank itself.

As online banking has become more sophisticated, banks have been formed that operate exclusively as electronic banks and have no physical storefront for customers to use. Without the costs of purchasing and maintaining physical “bricks-and-mortar” structures like traditional banks do, online banks are able to offer higher interest rates on savings accounts (interest payments are fees that customers collect for keeping their money in the bank). Customers at online banks can use the Internet to conduct all the standard banking transactions (including paying bills online, viewing images of cancelled checks, and transferring money to accounts at other banks and brokerages).

8 tips for safer online banking

Choose an account with two factor authentication

Try to get a bank account that offers some form of two factor authentication for online banking.

Many, but not all, banks offer a small device that can be used to generate a unique code each time you log in. This code is only valid for a very short period of time and is required in addition to your login credentials in order to gain access to your online account.

Create a strong password

If your bank requires a user-generated password in order to access online accounts make sure you choose one that is strong. The best way to achieve this is by making it long and a mix of upper and lower-case letters, numbers, and special characters.

Always avoid using any common words or phrases and never create a password that contain your name, initials, or your date of birth. If your bank allows it, change your password every few months.

When setting up online banking, if your bank asks you to provide answers to some standard security questions remember that the answer you give doesn’t have to be the real one.

Secure your computer and keep it up-to-date

Security software is essential these days, regardless of what you use your computer for.

As a minimum, make sure you have a firewall turned on and are running antivirus software. This will ensure you are protected from Trojans, keyloggers and other forms of malware that could be used to gain access to your financial data.

You’ll also want to keep your operating system and other software up-to-date to ensure that there are no security holes present.

Avoid clicking through emails

If you receive an email that appears to be from your bank that asks for such details then treat it with suspicion as it may well be a phishing attempt to trick you into handing your credentials over.

Be aware of links in emails that appear to be from your bank – this is a trick often employed by the bad guys to get you onto a website that looks like your bank. When you log in to ‘your account’ they will steal your username and password and, ultimately, your cash.

It is always safer to access your online bank account by typing the address into your browser directly.

Also, be aware of unsolicited phone calls that purport to be from your bank. While your financial institution may require you to answer a security question, they should never ask for passwords or PINs (they may ask for certain letters or numbers from them, but never the whole thing).

If in doubt, do not be afraid to hang up and then call your bank back via a telephone number that you have independently confirmed as being valid.

Access your accounts from a secure location

It’s always best practice to connect to your bank using computers and networks you know and trust.

But if you need to access your bank online from remote locations you might want to set up a VPN (Virtual Private Network) so that you can establish an encrypted connection to your home or work network and access your bank from there.

Look for a small padlock icon somewhere on your browser and check the address bar – the URL of the site you are on should begin with ‘https’. Both act as confirmation that you are accessing your account over an encrypted connection.

Always log out when you are done

It is good practice to always log out of your online banking session when you have finished your business. This will lessen the chances of falling prey to session hijacking and cross-site scripting exploits.

You may also want to set up the extra precaution of private browsing on your computer or smart phone, and set your browser to clear its cache at the end of each session.

Set up account notifications (if available)

Some banks offer a facility for customers to set up text or email notifications to alert them to certain activities on their account. For example, if a withdrawal matches or exceeds a specified amount or the account balance dips below a certain point then a message will be sent.

Such alerts could give quick notice of suspicious activity on your account.

Monitor your accounts regularly

It should go without saying that monitoring the your bank statement each month is good practice as any unauthorised transactions will be sure to appear there.

With online banking, you have an 24/7 so take advantage of that and check your account on a regular basis. Look at every transaction since you last logged in and, if you spot any anomalies, contact your bank immediately.

(SOURCE: https://nakedsecurity.sophos.com/2013/10/03/8-tips-for-safer-online-banking/)

Session structure

Learning objectives

Choose the most suitable E-bank provider
Be aware of safety risks while using E-banking and to be able to avoid those risks
Understand the advantages of online banking (from the comfort of their home, 24/7)
Regain feelings of confidence and self-efficiency while using E-banking services

Context

Teach about the most suitable E-bank provider
Raise awareness of safety risks while using E-banking and to be able to avoid those risks
Teach understand the advantages of online banking (from the comfort of their home, 24/7)
Encourage feelings of confidence and self-efficiency while using E-banking services among the participants

Material required

Personal computer
Internet connection
Beamer

Keywords

E-banking, Online banking, Safety.

Learning subjet

Trainer will start discussion with participants about their usage of regular bank services and any possible experiences with online banking. It is important to address these two issues initially in order to establish an understanding between the operation of normal banks and the benefits of online banking.

The lecturer will describe the operation of the online bank, the possibilities of access to the online bank, the security methods used by the various online banks. The advantages and disadvantages of the different forms of interfaces used by banks will be presented. This will give the participants as much insight as possible into the user experience options.

In the next part, participants will be involved in designing the content of the lecture. Each participant will compile a list of services that they frequently use at the bank and compare all these services in a second step with online banking providers. This will allow participants to share the benefits of online banking in more detail.

Assignment

Each participant will choose one online bank provider, make demo account and try to make transaction. This is important for participants to see what interface is most suitable to them. After that, every participant will also have to check and print account balance.

In the last part of the lecture there will be a group discussion on the usefulness of online banking and brief comparisons of selected online banking services.

The purpose of the session will be:

to provide an introduction to e-banking services using an intelligent electronic device
to facilitate to print the receipt of their transaction
to discover online banking facilities 24 hours a day
to motivate to transfer money to other accounts

Step 1

Trainer will start discussions with participants about using regular bank services and about any experience with online banking. It is important to address these two issues initially in order to establish an understanding between the operation of normal banks and the benefits of online banking.

Step 2

The lecturer will describe the operation of the online bank, the possibilities of access to the online bank, the security methods used by the various online banks. The advantages and disadvantages of the different forms of interfaces used by banks will be presented. This will give the participants as much insight as possible into the user experience options.

Step 3

In the next part, participants will be involved in designing the content of the lecture. Each participant will compile a list of services that they frequently use at the bank and compare all these services in a second step with online banking providers. This will allow participants to share the benefits of online banking in more detail.

Each participant will choose one online bank provider, make demo account and try to make transaction. This is important for participants to see what interface is most suitable to them. Every participant will also have to check and print account balance.

Step 4

In the last part of the lecture there will be a group discussion on the usefulness of online banking and brief comparisons of selected online banking services.

Homework

Watch video and comment about choosing online bank provider.

What is online banking?

Debriefing

To wrap up the session, the trainer will facilitate a debriefing moment where participants are encouraged to express their questions, doubts, ideas and feelings toward the topics discussed.