Transaction
The term transaction is mainly used for payment transactions on the Internet. Whereas in the past, bank transfers were always handled by remittance slip and thus via the nearest branch bank, today, according to a study by the Association of German Banks, over 44 percent already use online banking to make payments. However, there are security risks involved in processing a transaction that consumers often underestimate.
Risks associated with online transactions
Every transaction over the Internet brings with it a potential risk. The greatest vulnerability is always the transmission of sensitive bank data to the payment service provider, as it can be spied out and misused by third parties if transmitted unsecured. For this reason, more and more security procedures have been introduced over the course of time. Initially, simple security was provided via PIN and TAN. This number for each transaction was taken in turn from a list. More security was provided by the iTan procedure, in which the online banking software requested a very specific TAN from a numbered TAN list. It is still used by many banks today. The mTan procedure, in which a TAN number is sent to the personal cell phone for each transaction, has also found favor with consumers. Today, many users use the ChipTAN procedure. This is considered to be particularly secure because the user has to identify himself by means of a device and his EC card. Despite this, consumers are always advised to be very careful with their own banking data and ideally not to store any TAN lists on their computer or even on the Internet. Passwords to online banking or payment service providers should also never be stored in the browser.
Development of the banking industry
Due to the changed behavior of customers with regard to the processing of their transactions, there have also been numerous changes in the banking industry. Traditional branch banks reduced their branch networks, closed branches and merged others. However, there has been an even more significant change: many banks now offer their customers the option of processing every transaction via the Internet. Online banking systems are provided for this purpose, through which transfers, direct debits, contract changes and much more can be handled. Thus, a transaction can be processed regardless of the opening hours Immediately as an automated processing takes place. More and more direct and Internet banks are emerging that offer their services exclusively via the Internet and no longer maintain any branches at all.
Transaction processing options on the Internet
For a long time now, payments have not only been processed via online banking at the house bank. Most merchants on the Internet offer the option of carrying out a transaction via various payment providers. According to a BITKOM survey from 2012, 52 percent of online shoppers already use payment services such as PayPal or Sofort. There, payments can be made via a kind of interim account using the email address and a secret password.
