Is It All Greek to You? Deciphering Internet Banking and Security Buzzwords

The Internet has created a world greater than earlier generations could have ever imagined. At our fingertips lies access to information and entertainment, credit and financial services, and products from every corner of the world. On the flip side, cyberspace has also created a seemingly indecipherable language for many average users, many of whom use online services such as banking and bill pay. To make the most of today's technology, following are some of the most popular Internet banking and security buzzwords:

Anti-Virus Software: Software designed to protect personal computers from viruses that destroy data, slow a computer's performance, allow spamming, or cause a crash.

Automatic Payments: Transaction authorized by the user for periodic withdraws from a savings or checking account to make payments on monthly bills, such as the mortgage.

Automatic Transfer: Authorized transaction that transfers monies from an interest-bearing or savings account into a checking account for the payment of checks or other drafts.

Bill Presentment: Online system that allows users to view and pay a bill electronically from a savings or checking account.

Direct Deposit: Electronic deposit of wages or benefits to a savings or checking account.

Download: To copy files from one computer to another; to view a website or other web material with a browser.

E-check: Electronic representation of a paper check that is affixed with a digital signature and used to pay a bill. Once validated by the paying bank, the e-check is charged to the check writer's account for the specified amount.

Electronic Funds Transfer (EFT): Electronic transfer of money between accounts or electronic payment of bills.

Encryption: Method for ensuring security of consumer's personal finance information on a bank Web site. The process scrambles data into a secret code that can only be read by software set to decode the information.

Firewall: Security hardware or software used to keep hackers from using a personal computer to send out personal information without permission.

Hacker: Individual who uses programming skills to acquire illegal access to a computer network or file.

Internet Bank: Bank that exists only on the Internet. Also known as a virtual bank, the main difference between an online bank and a normal bank is that with the former, a client may never need step inside the actual bank.

Key: Password needed to decipher encrypted data.

Log in: Procedure by which a user enters a password to gain access to a secure area, such as a bank Web site, where financial records and transactions can be executed by the user.

Malware: A combination of the words "malicious" and "software", malware is software designed to infiltrate or damage a personal computer without the owner's knowledge. The intrusive software or program code is used to steal personal information, send spam and commit fraud.

Online Banking: The practice of managing bank accounts and making transactions or paying bills via the Internet. Also known as Internet banking.

Online Profiling: Information gleaned from a customer's use of a Web site by tracking their online movements in order to target advertising and match services to a specific customer's needs.

Personal Identification Number: Confidential personal identification code, typically four to six digits that is used to gain access to a secure site, such as an online bank account or when using an ATM.

Personal Information: Information that identifies a user, such as a name, address, Social Security number, account numbers, etc.

Spyware: Software program installed on a PC without the owner's consent to intercept or gain partial control over the user's interaction with his/her computer.

Virus: Computer program that can duplicate itself and infect a computer without the permission or knowledge of the user.

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