Online Bank Security

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ACKNOWLEDGEMENT

I would like to take this chance for thanking my research facilitator, friends & family for support they provided & their belief in me as well as guidance they provided without which I would have never been able to do this research.

DECLARATION

I, (Your name), would like to declare that all contents included in this thesis/dissertation stand for my individual work without any aid, & this thesis/dissertation has not been submitted for any examination at academic as well as professional level previously. It is also representing my very own views & not essentially which are associated with university.

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ABSTRACT

In this study we try to explore the concept of online banking security in a holistic context. The main focus of the research is on banking security and its relation with consumers. The researcher studied the existing research extensively and reached to meaningful conclusion. The researcher used secondary method and the questions which were addressed in this research were How to institute a suitable security policy for banking in the U.S? How to improve online banking security in the U.S on the bank side? How to improve online banking security in the U.S on the user side? The research ended on the note that existing security must be improved and consumers must be involved in the security measures because at the end of the day it is the consumers who suffers.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

Background1

Statement of the problem:1

Research question2

Research Validity2

Ethical Considerations3

Credibility3

CHAPTER TWO: LITERATURE REVIEW5

Introduction5

History and Evolution5

The Timeline5

From Brick and Mortar to Point and Click6

The Online Vernacular8

Internet Banking Concept9

Definition of Internet Banking9

Risks in internet banking10

Description of services12

Internet banking and traditional banking14

How internet banking works15

E-banking Across the Border16

Information Technology and the Global Market16

Banking from a Distance17

The Freedom Challenge18

Technology Based Banking Products and Services19

The Basic Online Options19

Electronic Bills20

One-stop Bank Shop21

Banking Ubiquitously22

Key Technology Risks23

The Benefits Meet the Consequences23

Passwords and PINs24

Perpetrators and Pathogens25

Wireless Worries27

Key Elements to a Security Plan29

Security Awareness29

The Customer30

The Bank31

Successful E-banking Strategies34

The Internal Banking Strategies34

The External Liability35

Technological Developments for Safety36

Authentication Techniques36

Encryption Techniques38

Identifiers39

Consumer Protection40

CHAPTER 3: RESEARCH SUB QUESTION 143

Online banking security threats43

Consumer perceived threats43

Actual threats44

Identity theft45

Improving Online Banking Security46

Internal bank security: creating barriers47

Presumptive forensics: Early threat identification48

Industry cooperation: Sharing information49

User authentication: The two-factor solutions49

CHAPTER 4: RESEARCH SUB QUESTION 252

Importance of Organizational Internet Banking Strategy52

CHAPTER 5: RESEARCH SUB QUESTION 361

Legislation61

Changes in Cyberspace Yield Changes in Laws61

The Legal Roadmap to Security62

Intellectual Property Rights and Cross-Border Regulation63

Consumer Protection64

The Role of Security Policy66

Security Policy66

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS77

Recommendations78

Recommendations to US Banks' Consumers79

Recommendations to the US Financial institutions79

Recommendations for Further Research Studies79

REFERENCES81

CHAPTER 1: INTRODUCTION

Background

In the past decade a wave of information technology has swept across the world changing everyday lives. From changes in the way people communicate with one another to innovations in the way people balance their checkbooks, information technology has changed the operations of the world. Developments such as portable computers, e-mail, and the Internet have transformed the world into a virtual playground available to anyone, anywhere, and anytime. Life before the Internet age is difficult to recall; procedures and actions that are taken for-granted today were only dreams ...