The internet has revolutionized the way banking can be handled. Today everyone in the western world uses the internet to handle bank transactions. This is the biggest boon to various thousands of individuals who do not find the time to visit banks. It is extremely useful when urgent bills have to be paid and when there is no time to go to an ATM or bank to withdraw money.
Money can also be transferred from account to account, so there is no need to mail cheques or even drop them in boxes in the bank. However, there are plenty of drawbacks as well. Unless the site of the bank is secure, the transactions may be in danger of being followed by hackers. Millions of dollars are spent by banks to trace hackers, and also to use software to protect their sites.
If in case anything goes wrong, the bank may be liable, and they may be sued by customers. Banks thus have various rules when it comes to internet banking. They inform customers never to give away their passwords or user names in case of internet theft. There have been various instances where people have been robbed of money through their internet banking accounts.