Online Banking has changed the way individuals and businesses manage their money. According to a recent study conducted by Fiserv Inc., four out of five American households with internet access bank online. This method of managing money is exceptionally convenient, personalized, and efficient; but is it safe? The verdict on this debate is still out, and public opinion varies widely. In a 2012 study conducted by Ponemon Institute and Guardian Analytics, 998 small business owners/executives were interviewed regarding their views on the topic of online banking safety. Surprisingly, a quarter of the small business owners interviewed felt that there online banking experience was not effective in maintaining identity protection and fraud prevention. In addition, 31 percent of those interviewed were unsure if they felt safe using online banking technology. With Apple Pay and other bold and untested banking technologies on the cusp of release, who knows how safe our individual financial identities will be in the near future.
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