Internet Banking And Online Banking Essay examples

732 Words Jun 25th, 2016 3 Pages
1.1 Introduction

Internet banking has gained wide acceptance internationally and seems to be fast catching up in India with more and more banks entering the fray. Online banking allows customers or users to conduct financial transactions on a secure website operated by their banks, credit unions or building societies. It can be accessed from anywhere that there is a computer with the Internet, and of course unlike bank branches the net is open 24 hours a day 7 days a week. In spite of the great benefits, the number of malicious applications security problems (targeting) of online banking transactions has increased dramatically in recent years. This represents a challenge not only to the customers who use such facilities, but also to the institutions who offer them, as evidenced by an ongoing trail in the US. For example, in 2008, England suffered online banking fraud losses that amounted to £53 million2, and the U.S. had hundreds of millions of dollars in fraud losses resulting from online attacks in 2009. According to the data compiled by the Reserve Bank of India (RBI), the money lost to such scams has doubled in the past four years. In the year 2009, banks lost Rs. 2,289 crore (till December), while the loss was Rs.1,057 crore in 2007-08. And most recently in February 2016 hackers or insiders (it is not yet clear which) attempted to steal $951 million from the Bangladesh central bank 's account with the Federal Reserve Bank of New York sometime when Bangladesh Bank 's…

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