F3 | Online banking

This module will teach you how online banking works, and how to use it securely.

• 1. How does online banking work?

  Online banking allows you access your accounts through your bank’s website, where you can view your account balance and bank statements, track banking activity, and transfer money. Online banking offers the advantage of not having to rely on the normal opening hours of a bank, and the ability to make transfers from anywhere. Online banking is also cheaper than transferring money with a traditional transfer slip, and is also very fast. Most banks offer real-time transfers, allowing money to reach its target account within seconds.

  Online banking requires a one-time registration, which you can accomplish through your bank’s website, by phone, or in person at a bank branch. After registering, your bank will mail you your online banking details, which will include a verification code that you will need when logging into your account through your bank’s website or app for the first time.

  You can get personal advice by visiting your bank’s local branch to ask any questions you might have, and learn about what security standards your bank offers for online banking. You can also take the opportunity to register directly for online banking while you’re there.

  Got it!

• 2. How do I securely transfer money online?

  Making an online transfer might seem difficult at first, but the necessary steps are clearly explained on banking websites. Nevertheless, it is worth taking another look at how to carry out an online transfer:

  1. Log in

  Use your browser to navigate to your bank’s log-in page for online banking and enter your username (for example, your customer number, account number or a predefined name) and PIN. Many banks also use two-factor authentication. With 2FA, you need an additional authentication code after you have entered your log-in data. This is how the bank can ensure that no one else logs in with your data.

  2. Transfer

  You may have to do some digging here, as each bank has its own unique transfer methods. The Sparkasse, for example, has an Online Banking tab where you can enter your transfers. By clicking here, you will be able to fill out your transfer form. Enter all the required data in the appropriate fields and click on the button to continue onto the confirmation page.

  3. Confirm

  For security purposes, you will often be asked to provide a TAN for confirmation. You then have to either confirm it on your smartphone, or enter it on your bank’s transfer page. The exact procedure will depend on which bank you use, so you need to learn about their TAN procedures beforehand. As soon as you have entered the TAN, your transfer has been completed, and you can save a confirmation.

  4. Log out

  Make sure to log out at the end of your session.

  Got it!

• 3. How do I stay protected while banking online?

  Online banking is safe and reliable as long as you take the necessary precautions.

  Passwords

  As with other online activities, it is absolutely necessary that your online banking passwords are long and complex.

  Protection against phishing

  Protect yourself against phishing emails by deleting suspicious emails immediately. Your bank will never ask you to disclose confidential data by email. Take a look at the Social Engineering module of Unit E3 to learn more.

  Bank Statements

  Check your bank statements regularly and contact your bank immediately if you find any irregularities. If necessary, you can file a complaint with the police to try to get back any money lost to scams.

  Secure connection

  Always make sure you have a secure connection when logging in. You can recognize this by the abbreviation https:// and the lock symbol on the address bar.

  Data economy

  Never share any data such as login credentials or bank details on social networks or online shops that don’t seem trustworthy.

  Address

  It is best to enter your bank’s website address in the navigation bar of your browser every time you do online banking. Even the smallest deviations in the address can be an indication that something is wrong.

  Storage

  Store all bank cards securely in your wallet, or in an NFC case.

  You can also set a payment limit through your bank to prevent large sums of money from being withdrawn unnoticed. You can talk to your bank advisor about this option as well.

  Got it!

• 4. What to do when something goes wrong

  If you notice that something is wrong, or think that you might have fallen victim a phishing scheme, make sure to act quickly as follows:

  Block your account

  Block your bank account as soon as possible.

  1. The quickest way is to simply enter the wrong PIN three times in a row on your bank’s website.
  2. You can also call 116 116 to reach the central hotline for blocking your account. If you are outside of Germany, remember to dial the country code (+49) before the number.

  Notify your bank

  After you have blocked your account, you should notify your bank immediately. The bank may even be able to reverse any unauthorized transfers.

  If your account data has been leaked to strangers through lack of data economy or a phishing scheme, the two steps mentioned above are sufficient to solve the problem. However, if you think that you might have malware on your computer, this will have to be removed as well. Take a look at the malware module in Unit E2 for help with this.

  Got it!