Online Financial Services
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(Image rights: https://jeshoots.com/)

Important Disclaimer

  • This session provides awareness of technology options only
  • This session is not giving or implying financial advice in any form
  • No guarantees or warranty given or implied by myself or CCA for any service
  • Conditions of use must be read carefully for each provider of financial services
  • Comments about options cannot be construed as recommendations or quality
  • For ethical reasons
    • only an outline of how these services work can be shown
    • no assistance can be given by the tutor for any personal financial activity of class members
    • it is suggested that class members do not share any personal financial information
    • For assistance contact the service provider (Bank or Merchant)

Banking

  • All banks use online banking; App or in Browser
  • All types of transactions
    • Transfers, BPay, Direct Debit, Pay Anyone (including print outs)
    • One off and repeated transactions and can be automated
    • Secure email (to/from the bank from within your accounts)
  • Account Details
    • Balance
    • Statements (downloads / printout of statements)
    • BSB – Account details for transfer in/out
  • Risks
    • Banks monitor accounts / cover losses unless you are at fault
    • Phishing attacks on phones
    • Fake bank sites - never use links in emails; type in website; always must be secure - https://

Investments

  • Specialist share trading software
  • Shares can be monitored online through websites provided
  • Other investments can be monitored through specific websites
  • Exchange rates can be checked continuously
  • Online banking allows checking of accounts (term deposits etc)
  • Risks
    • Usual risks with investments!
    • Loss of personal information on any insecure site

Superannuation

  • Most superannuation funds provide online monitoring of accounts
  • Usually on a web browser but some have apps
  • Many can provide:
    • Investment performance information including market mix of portfolios
    • Market commentaries
    • Electronic document handling
    • Downloads of superannuation and retirement information
  • Risks
    • Personal information through phishing

Secure Payments

Payments online may be made using methods that can be selected to improve security.
The image shows payment methods for online transactions within and outside Australia.

Finance%20Pay.jpg
  • Credit Cards
    • Direct
    • Held by the merchant, eg Amazon
  • Direct Deposit
  • Poli – Australia Post; banks concern over info on 3rd party site
  • BPay
  • Digital Wallets
    • Paypal, many others in various forms
    • On Phone (Apple Pay, Google Wallet, Android Pay)
    • Travel Cards with international funds wallets: Banks, Airlines
  • Risks
    • Personal information through phishing
    • Card information stolen through websites

Choice has provided a summary of payment methods for comparison.

Choice_payments.jpg

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