Abstract:

Protecting personal information in the contemporary ‘online’ world is growing in importance everyday. While Internet banking provides significant convenience benefits for customers, it has also resulted in a number of new security risks. This paper is divided into four parts. 1. The literature review provides the technical knowledge of Internet banking fraud and threats, such as Phishing as well as the solutions to such fraud. 2. The interview and the e-banking security analysis section then provides information about the current Internet banking security practices in the market. 3. E-banking security from an individual customer point of view, analyses the security requirements for connectivity, user authentication and content for regular Internet banking  transactions of four multinational financial institutions. 4. The paper concludes with a   comparison between the literature review and the security practices of the financial institutions, highlighting that trade offs result in an’ industry where there will always be a lag behind new threats and state of the art solutions.