Online Banking

1. What is online banking?

Online banking is a system that allows individuals to perform day – to – day banking activities from the comfort of their own home. One will find 2 kinds of online banks, traditional banks that offer the facility of online banking and the other being an online bank with no physical presence. These banks allow users to execute routine transactions, such as account transfers, balance inquiries, bill payments, and stop-payment requests. The benefits of online banking also include, acquiring and accessing account information at any hour of the day – all one needs is a internet connection.

2. How are databases involved in this topic?

 Databases are used in online banking as it must store the information of the bankers in the database to be accessed from the bank and from computers at home.  Databases make it easier to access someone’s details such as their name, address, telephone number, card number and amount of money available in their accounts in a short amount of time for the bank and also, it is easier to find information about their banks online for the consumer in order to do transactions online in a shorter amount of time and pay bills without leaving your own home.

3. Describe the type of data stored about individuals in relation to this topic.

The types of data stored about individuals in online banking include the individual’s full name, their email and address, their occupation, date of birth, their phone numbers both home and mobile and fax number, their account number, password, the balance of money in their accounts and credit card details.

4. Ways in which this database can be misused:

Some ways where online banking can be misused would be the following: 

•    Hacking into people’s bank accounts and stealing their money,
•   Taking personal details of the bank account owner
•    Privacy, to embarrass you. Letting everyone know your bank account money.

5. What are the ethical responsibilities of those maintaining the database?

Responsibilities of those maintaining the database are very simple and straightforward. Maintainers should keep personal and account information extremely secure, and private. They should make sure they have high security regulations in order for them to prevent the misuse of disclosed information.

6. What are the legal responsibilities of those maintaining the database?

The responsibilities of people maintaining databases would be to keep personal and bank details discreet and private, and not reveal them to a third party. Examples of information that should be kept confidential are DOB, address, bank number and bank password. Design their systems so that it is hard to get into it.