A noteworthy feature of bank transfers is the convenience of making online payments. The ability to transact on mobile speeds up the process while eliminating the stress that comes with paperwork. The ease of electronic banking does, however, bring the need for extra vigilance, especially because the volume of transactions swells daily. Of late, there has been an increase in online fraud, hence banking institutions have come up with stronger mechanisms of combating cybercrime.
That said, bank transfers are secure, but account owners should exercise precautions when transacting at online lottery sites. Most banks have introduced strong security protocols to avoid unauthorized or mistaken payments. Two of the most commonly used measures include:
Two-Step and Three-Step Verification
This is an authentication process that involves a pre-determined code or a signatory digital certificate. An example of 2-Factor bank verification for internet banking is the use of username and password, followed by an OTP code. In three-factor authentication, the third feature can be a biometric feature like a fingerprint, user’s voice, retina scan, a hand configuration, or face recognition.
Confirmation of Payee
Confirmation of the payee ensures that the lottery player is sending cash to the right account. Some years ago, banks didn’t bother to ask the name of the recipient bank account. They would only check the account number and the sort code. Today, depending on the bank, customers are required to provide the account holder’s name before the payment is processed. The bank will authorize payment if the name matches the sort code and the account number.