Telephone banking is a service provided by a bank or other financial institution that enables customers to perform over the telephone a range of financial transactions that do not involve cash or financial instruments (such as checks) without the need to visit a bank branch or ATM.
Telephone banking became commercially available in the 1980s, first introduced by Girobank in the United Kingdom, which established a dedicated telephone banking service in 1984. [1] Telephone banking saw growth during the 1980s and early 1990s and was heavily used by the first generation of direct banks. However, the development of online banking in the early 2000s started a long-term decline in the use of telephone banking in favor of internet banking. [2] The advent of mobile banking further eroded the use of telephone banking in the 2010s.
To use a financial institution's telephone banking facility, a customer must first register with the institution for the service. They would be assigned a customer number (which is not the same as the account number), and they may be given or set up their own password (under various names) for customer verification.
Customers would call the special phone number set up by the bank and authenticate their identity through the customer number, a numeric or verbal password, or security questions asked by a live representative. The service can be provided using an automated system, using voice recognition capability, DTMF technology, or by live customer service representatives.
In India, a variation of telephone banking utilizing missed call numbers assigned to specific tasks (such as checking balances or performing money transfers) is offered by major banks. [3] [4]
TD Canada Trust, commonly shortened in marketing to simply TD, is the Canadian commercial banking division of the multinational TD Bank Group. It is the second-largest commercial bank in Canada by assets, behind only the Royal Bank of Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 ATMs.
A personal identification number is a numeric passcode used in the process of authenticating a user accessing a system.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share account at credit unions, is a deposit account or bank account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms, they are considered as cash.
The National Bank of Canada is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins credit union. National Bank's Institution Number is 006 and its SWIFT code is BNDCCAMMINT.
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2000s this has become the most common way that customers access their bank accounts.
President's Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.
A one-time password (OTP), also known as a one-time PIN, one-time passcode, one-time authorization code (OTAC) or dynamic password, is a password that is valid for only one login session or transaction, on a computer system or other digital device. OTPs avoid several shortcomings that are associated with traditional (static) password-based authentication; a number of implementations also incorporate two-factor authentication by ensuring that the one-time password requires access to something a person has as well as something a person knows.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information for the account type, such as how much is payable by a certain date. The start date of the statement period is usually the day after the end of the previous statement period.
Multibanco is a Portuguese interbank network. It is the largest interbank network in Portugal owned and operated by SIBS , that links the ATMs of 27 banks in Portugal, totaling 12,700 machines as of December 2014. The bank members of Multibanco control the SIBS. Multibanco is a fully integrated interbank network. One of the most notable characteristics of Multibanco is the wide range of services that can be utilised through its machines.
SMS banking is a form of mobile banking. It is a facility used by some banks or other financial institutions to send messages to customers' mobile phones using SMS messaging, or a service provided by them which enables customers to perform some financial transactions using SMS.
Man-in-the-browser, a form of Internet threat related to man-in-the-middle (MITM), is a proxy Trojan horse that infects a web browser by taking advantage of vulnerabilities in browser security to modify web pages, modify transaction content or insert additional transactions, all in a covert fashion invisible to both the user and host web application. A MitB attack will be successful irrespective of whether security mechanisms such as SSL/PKI and/or two- or three-factor authentication solutions are in place. A MitB attack may be countered by using out-of-band transaction verification, although SMS verification can be defeated by man-in-the-mobile (MitMo) malware infection on the mobile phone. Trojans may be detected and removed by antivirus software, but a 2011 report concluded that additional measures on top of antivirus software were needed.
Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited, commencing its banking operations in Malaysia since 1959. Citibank Berhad was locally incorporated in 1994. Citibank Berhad has 11 branches spread across Kuala Lumpur, Selangor, Penang, Kuantan, Malacca and Johor, offering a wide range of banking and financial services including retail banking, institutional banking, and investment products and services.
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Multi-factor authentication is an electronic authentication method in which a user is granted access to a website or application only after successfully presenting two or more pieces of evidence to an authentication mechanism. MFA protects personal data—which may include personal identification or financial assets—from being accessed by an unauthorized third party that may have been able to discover, for example, a single password.
BPAY is an Australian electronic bill payment SaaS company which facilitates payments made through a financial institution's online, mobile or telephone banking facility to organisations which are registered BPAY billers.
Mobile payments is a mode of payment using mobile phones. Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services. A customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS, a WAP service, over IVR or other mobile communication technologies. In India, this service is bank-led. Customers wishing to avail themselves of this service will have to register with banks which provide this service. Currently, this service is being offered by several major banks and is expected to grow further. Mobile Payment Forum of India (MPFI) is the umbrella organisation which is responsible for deploying mobile payments in India.
Reliance authentication is a part of the trust-based identity attribution process whereby a second entity relies upon the authentication processes put in place by a first entity. The second entity creates a further element that is unique and specific to its purpose, that can only be retrieved or accessed by the authentication processes of the first entity having first being met.
Digital identity is used in Australia by residents to validate who they are over digital media, such as over the Internet.
A SIM swap scam is a type of account takeover fraud that generally targets a weakness in two-factor authentication and two-step verification in which the second factor or step is a text message (SMS) or call placed to a mobile telephone.
