No. 2246

THURSDAY, JANUARY 10, 2002

FEDERAL RESERVE BANK OF NEW YORK WEBSITE OFFERS "BANKING ON THE INTERNET," COMPREHENSIVE CONSUMER GUIDE TO ELECTRONIC BANKING

NEW YORK - "Banking on the Internet," available on the Federal Reserve Bank of New York’s website, is designed to help consumers understand the issues related to the use of electronic banking, including measures to protect privacy and ensure the secure transmission of data. Presented in question and answer format, this website tool is targeted toward users who are familiar with the Internet but new to performing banking transactions online.

Electronic banking can help consumers save time and money. The three important principles for consumers who make use of electronic banking are to know your merchant, know your technology, and know your rights. Consumers should also use encryption technology to protect their electronic payment data and know what recourse is available to them if they encounter problems.

The Federal Reserve Bank of New York welcomes external links to this Web page by banks, consumer groups, and financially oriented web sites.