Online banking has made our lives quite easy. With the online banking concept has come up a lot many concepts. One such concept is the banking secure key. We will now discuss what is banking secure key in details.

Is Online Banking Safe?

Many people say that online making has a list of dangers. Perhaps that is true to a certain extent. However, if you are a little careful you can ensure that you enjoy a safe online baking experience.

Role Of Banking Secure Key

Banking secure key is one such concept that ensures safety in banking operations. The secure key is a unique set of numbers that is allocated by the bank and is known by the bank alone. The PIN is designed in such a way that it is synchronized with the bank’s clock. This clock is the clock that is set on the computers of the bank.

The bank mentions in the PIN that you must not share it with anyone. Even if a bank official asks you for the PIN you clearly say that you cannot share the same with the bank. Sharing the PIN with anyone may get you into trouble.

You must also know that your PIN if by your mistake was received by someone else then the bank is not responsible for the outcomes. When you switch on the secure key it will ask for your PIN. When you enter the PIN correctly it will calculate the number based on the secret formula.

The Algorithm

This secret formula uses the key’s serial number and the current time as variables to do the calculation. If the PIN is wrong the calculation goes wrong and you are not allowed to log in. The net banking allows you to enter the PIN thrice. If you miss to enter the correct PIN your online banking facility gets blocked.

3 Times Unlucky: Banned

Some banks also have provisions of sending mail to the person that three failed attempts to login were made in his or her account.  The person can immediately contact the back and get this sorted out if it was not he who entered the PIN wrong three times.

The PIN number has to be entered in the login screen of the net banking site. It is like a secret formula that will open up all the information of your account. We would advise that you activate both the mobile as well as internet alerts in order to be absolutely safe. You must also ensure that you regularly login to the net banking and check your balance. Even if there is a slight deduction please enquire with the bank.

Keep Phonebanking Number Handy

You must always have the phone banking number of your bank with you. You can also generate a PIN for the phone banking services. A lot of frauds in the recent past have happened with online banking. If you have used net banking on a computer that is not yours ensure that you logout and also ensure that you clear the history. However, if the person using the facility is a little careful then these frauds can be easily avoided.

What is PIN?

PIN means personal identification number. When you enter this in the login screen of net banking the computer uses the serial number of the key and the time on the server to calculate what the PIN number should be. The login can happen only when the two matches. This system is absolutely secured and no one can get your PIN if you follow the precautions that we have mentioned. You know the PIN and the bank knows the serial number. Unless these two match there cannot be a login. Confidentiality is vital if the information is leaked it can lead to a fraud. This is exactly why it is called the secured gateway.

Sometime you may get mails from your bank asking for your PIN. Always remember that this must be a spam mail. Why will your bank need your PIN number? This incident must be reported to the bank.

Precautions

Try not to open any mail from unknown sources as that too can get you into trouble. People can hack into your bank account if you click on a wrong link or a mail. If you want to enjoy the benefits of online banking you must be very careful about these points. A single mistake on your part can land you into a lot of trouble. If at any point of time you feel that your PIN was leaked out by mistake contact the bank and request for a new one immediately.

All the popular banks in the world use the secure key concept. We hope that you liked this article on what is banking secure key. We shish that this will improve your knowledge about how the secure key works and it will make your baking experience safer.

Remember that the PIN is absolutely secured. If you leak it out by mistake then the bank cannot be blamed for the same. Security PINs are used also in credit and debit cards just to ensure that extra safety to the customers.

The usage of online banking is only as risky as using your wallet or purse for buying something. If you are not careful it could get stolen and you need to be vigilant all the time, same case here too. So done be afraid to use technology but enjoy it carefully.