Internet Banking Security

1002 Words 5 Pages
Information Technology Banking Security

Over time, people have invented many useful things in order to make the life easier. In the past, the life was more difficult than it is now. People work hard to develop the world and make humans live easier. Telephone, for example, has helped humans to keep in touch. People invent things such as cars, airplanes, and other innovations that people didn’t expected to see in the future. One of the services that people have developed is the online banking system. In the past, people had to stay in line to talk to an employee to get cash. Then ATMs and credit cardes appeared to help people get cash. Nowadays, people don’t have to go to the bank. They can get almost every banking service via online banking.
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Customers don’t have to go to the bank and wait in line to get cash or transfer money and waste time. Also banks don’t have to have as many employees as in the past (Ojeka, 2011, p.39). According to a study that was made in 2013, 51% of U.S adults are using online banking via mobile phone. Also this study shows that the percentage of online banking users has risen 40% in 2010 to 51% in 2013 (Makarevic & Hikmet, 2013, p.2290). The percentage of online banking users is different age groups. For instance, people who are 18-29 years old often use online banking more than other age groups (Makarevic & Hikmet, 2013, …show more content…
However, not all online banking users know the risks of online banking and how to use it in a safe way. Thus, people lose millions of dollars annually because of online fraud (Al Zaabi & Tubaishat, 2015, p.80). Online fraud is becoming a serious problem. Online banking users are expected to have enough knowledge and protection from hackers and they responsible for all of their online banking wrong usage. Thus, any online fraud happens to the customer because of his fault, the bank, unfortunately, will not refund for him (Al Zaabi & Tubaishat, 2015, p.83). Even though banks spend millions of dollars in order to get a powerful protection from hackers and crackers, customer’s money can be stolen via internet and the reason for that might be from the customer or the bank (Makarevic & Hikmet, 2013, p.2298).

Economists have different opinions about making money via online. Some of the economists recommend people to use online business because it is easier and people can earn money while sitting at home, but because of the increasing of online fraud and criminal use of online money laundry, people lost trust in some kinds of online businesses. People who use online business can be involved in money laundering organizations without knowing. As a result, when FBI looks for that organization, people get into trouble (Tang, 2015,

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