Banking Practice Showdown 2025 – Vault into Your Future Success!

The identification of the risk of identity theft as a disadvantage of online banking is accurate because it highlights a significant concern in the digital financial landscape. With online banking, personal and financial information is transmitted over the internet, making it vulnerable to cyberattacks, phishing schemes, and data breaches. This risk can lead to unauthorized access to accounts, financial loss, and damage to personal credit. While many banks implement strong security measures to protect their customers, the inherent nature of online transactions presents unique challenges that can expose users to these threats.

In contrast, the other options reflect advantages or positive aspects of online banking. Increased hours of operation and convenience of 24/7 access are beneficial features that provide users with flexibility and accessibility to their banking services at any time. Additionally, reduced transaction fees can be an advantage of online banking due to lower operational costs for banks, which can translate to savings for customers. These factors emphasize the positive shifts in banking practices due to advancements in technology, while identity theft remains a pertinent concern that needs addressing.