The internet has revolutionized the way humans now interact with each other. This has not only improved communication but the entire well-being of humans globally. Prior to the year 2000, it was assumed that the internet and communication-related matters were rocket science and could not be understood by everyone and as such perceived as complex.
In recent years the technological advancements that have been experienced in the world today are mind-boggling and an expansive room for improvement. With the recent developments in the field of communication, blockchain technology, and the internet of things, the windows of opportunity are ever-increasing on a daily basis.
What do we mean by Internet data?
In literal terms, the mere acts of browsing the internet, scrolling through social media posts, streaming catch-up TV, and downloading music are just some of the ways we rely on our laptops and smartphones for information, shopping, and entertainment. This in a way collects some form of data from the user and is cached to the website or internet pages that are visited.
Invariably, internet data can be said to be the bits and pieces of information users drop over the internet during their access to the information resources.
One of the transformational uses of the Internet is for the financial sector, where it has indeed transformed the entire financial system and has also created new opportunities for technologically-driven individuals to earn a living from it.
How does the internet help the banking industry?
The traditional and online banks which are also known as direct banks are avenues that offer you access to your account online, and the ability to transfer money or perform other tasks with a few clicks of your cursor or taps on your phone screen.
In recent times, online banks can now implement the creation of new accounts by simply following online processes and such accounts are easily opened from the comfort of your devices.
Why do we need internet banking?
The use of the internet can not be overemphasized enough as virtually most companies have migrated their services to online platforms and this has helped in a massive way to bring in new users and it has the potential of bringing more in the future.
There was a time when individuals had to go into a bank’s branch with a small book to record their transactions and conduct their business over the counter, which was highly inefficient as people could spend long hours executing transactions.
Online banking has radically changed the way we deal with our finances, from the personal to the business, and as technology evolves, so too will the reach of online banking.
However, there is indeed a great need to take a critical look at the importance of user data on the internet, especially in the banking sector.
Is there a possibility of internet fraud from internet banking?
This is perhaps the most important challenge that internet banking has faced. There are many users who do not have a proper understanding of the potential criminal tendencies of scammers and hackers who purposely devise means to reap off unsuspecting customers of their funds.
This has been replicated in various forms as phishing, spamming, and cloning with a common goal of stealing from the customers.
Sometimes, the scammers completely focus on the internet data that the users have uploaded on several websites and online platforms and devise means to extract those data for the purpose of stealing their funds.
What can users do with their online data to prevent theft?
There are several things you can do offline and online to protect your personal information from online thieves. Here are a few tips:
- Create complex passwords: It is very important to encourage users to create strong passwords and different passwords for every online account they have (email, online banking, social media, retail websites, etc). Avoid using personal information in passwords, like names of family, school, pets, and cars. There is a very high probability that someone could guess or hack your password and access other platforms you use, especially if the passwords aren’t strong enough.
- Use Antivirus software: It is expedient that users protect their internet-connected devices with up-to-date security software. It is also recommended that users make sure they install all official software updates and security fixes to devices.
- Do not use every available wifi: It has been proven that public wifi connections and Hotspots can be hacked and used to reveal what people are doing online. Whilst it’s fine to use public wifi for browsing, never use it for buying something, logging in to online banking, filling in forms, or anything else that requires your personal or card data.
- Be private: It is highly advisable that users should double-check that their social media profiles are private so that they share information with people they really know.
- Think before you post: Before you post anything on social media, forums, or online platforms, make sure you’re not revealing any personal information. Even pictures of your car registration can be used to get your address from agencies associated with vehicle registration records.
The Klever team would continue using our various educational platforms to enlighten our community members and new customers about how to protect yourself from the perils of an online financial system both in the traditional finance system (FIAT) and also in the blockchain and crypto space.
