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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Encryption


Synonyms:ciphertext, cypher, encipher, illegible, write in code
Filed Under: computers-internet
Tags: computers
 

Definition of encryption

encryption
1. A method used to ensure the privacy and security of a customer's personal and financial information when using banking services over the Internet. Encryption scrambles the data that is being sent, so only the intended receiver can read the information. To be effective, encryption must be used by both the sender and receiver. Consumers should ensure encryption is being used before sending sensitive information over the Internet. CanEquity uses a encrypted server for all of our online applications.

Related Terms and Acronyms:

  • browser   A computer software program used for accessing and viewing Internet Web sites.
  • client-based banking software   Customers use money management software and their own computers to access the bank using a modem and a phone line.
  • electronic data interchange (EDI)   EDI is a system that companies use to exchange business information electronically, virtually eliminating paperwork.
  • linkedin   A social network for professionals.
  • mortgage application   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • online banking (OLB)   Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
  • online bill payment   A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
  • personal finance manager   Specialized computer programs that help customers carry out a variety of personal finance activities. These programs typically allow consumers to do much of their work off-line, then dial in to complete their bank transactions.
  • secure socket layer (SSL)   A standard form of encryption used over the Internet for e-commerce and banking transactions.
      ➥  Seen as 'https' in a web address (URL).
  • twitter   A social network that limits messages to a length of 140 characters.

More Related Terms and Acronyms

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