The Security Of Online Banking - 1967 Words

Billions of financial data transactions occur online every day and bank cybercrimes take place every day when bank information is compromised by skilled criminal hackers by manipulating a financial institution’s online information system. This causes huge financial loses to the banks and customers. The evolution history of attacks began more than 10 years ago. Its sophistication has increased on par with the new security technologies adopted by the bank industry intended to mitigate the problem. This means there are some flaws in the security of online banking that results in loss of money of many account holders along with leakage of their personal information to unauthorized persons. 3.2.1 Banking websites According to a recent study by University of Michigan, in an examination of 214 bank Websites, more than 75 percent of bank websites have at least one design flaw that could lead to the theft of customer information and flaws are ones that even an expert user would find difficult to detect and unlike bugs, cannot be fixed with a patch. It was recommended to use SSL throughout the entire website and to avoid using links to third-party sites. Secure banking websites have become an integral part of our day-to-day life from our personal to our job-related business. A survey conducted by Pew Internet states 42% of all internet users bank online. 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