RBC is the chief brand name used for all business units under the Royal Bank of Canada or Banque Royale du Canada which is the largest company in Canada. Hence, its online banking site is tagged as simply RBC Online Banking. RBC as a whole is a known leader in the Caribbean region’s banking industry and later introduced itself in the United States’ finance market as RBC Bank. In 1996, they launched their website for hundreds of customers to provide internet banking services. As they continued to develop their electronic banking services, the bank put up a facility wherein a single screen could be accessed by customers for a virtual administration of their banking and trading records.
In a recent survey, results show that Canada is the leading internet user for online banking activities. Close to 15.5 million Canadians utilized the electronic banking facilities in April alone, wherein RBC led the record by posting a 4.5 million share in the statistics. These figures highlight Canada’s reputation as one of the world’s most progressive market when it comes to online banking, hence competition among their banks remain tough. Each financial institution tries to outdo the other in meeting the needs of their clients.
RBC Online Bankings share in the online banking industry could also mean a large degree of fraud or scam is well underway. In fact from 2005 up to the present, a total of 37 phishing scams were aimed at RBC’s internet customers. Phishing is an email scam wherein the sender takes the guise of a customer’s legitimate bank. The letter contains messages that are urgent in nature, so urgent that it will alarm and prod the customer to supply vital information regarding his deposit account. The letter is embodied in such a way as to look like a genuine bank document since all distinguishing features are perfectly simulated. Once the necessary information is supplied, the perpetrator of the fraud now gains access to the victim’s account. Customers are always reminded that legitimate banks never use email in eliciting information regarding a client’s personal information.
In view of the increasing number of phishing attempts, RBC Online Banking installed another security feature to its online banking facilities, the Sign-in Protection. It is illustrated as representing an extra lock on an already secured door. Security questions need to be answered correctly before proceeding to the sign-in process. Any attempt to gain access to an internet banking account from an unrecognized computer will be thwarted.
Competition among banks may be fierce, but this seems to be RBC Online Bankings inspiration in improving its online banking set-up.
