Philadelphia Utility Peco Energy Co., is looking to cut costs by allowing bill payment to be done online. Jupiter Communications says electronic bills cost 35 cents to 50 cents to send and process, compared with up to six times as much for snail mail. Leap of Faith Despite consumer worries over safety in online banking, recent reports have not turned up any financial losses or security breaches in online banking. Congressional investigators recently released a statement saying nearly half the banks, thrifts and credit unions in a survey have not taken all the necessary steps to limit consumer risks. But the survey noted that no financial losses or security breaches were found.
Lawmakers are concerned about the security of online banking.
There is always a possibility that consumers could lose money or have their privacy breached by hackers. This ruling keeps companies like Entrust Securities hard at work protecting and coding banking information. Until now, there was some skepticism about the legality of security software companies - companies that protected information so well that the government couldn't even access it. The final ruling is yet to be seen and the actual impact of this decision in the mass market is even further down the road. Now you, and millions of other consumers must decide on when and where to plunge into the new wave of banking.