External Security Risks Associated With Internet Banking Essay

969 WordsJul 3, 20164 Pages
External Security Risks associated with Internet Banking Introduction In recent years, The Internet Banking, namely, online banking means the transitions of banking activities including checking account information and payment of bills through the website (Singhal and Padhmanbhan, 2008; Ahasanul et al, 2009) is popular in the worldwide. Abdou (2014) shows that in the UK, the number of online banking user was increased from 63% to 70% between 2011 and 2012, and 47% of Americans used online banking, according to the research by the Gartner Group. The essay will discuss the advantages of internet banking and external security risks which results from internet banking including the threat of hackers, Trojan and viruses, as well as putting forward several feasible suggestions to reduce the negative impact of the internet banking external security risks, such as regularly check the external security of internet banking and improve the security awareness of public about set’ one-time ‘passwords. Internet banking benefits Internet banking has many benefits for consumers and these advantages also can explain why it is growing in popularity. On the one hand, Hettiarachchi (2014) points out that internet banking can help consumers monitor their historical information, including deposits, account balance and payment information. Furthermore, online banking is beneficial for consumers to save time to transfer their funds. For example, transfer account through online banking does not

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