Flaws in E-Banking: A Prey to Cyber Hunters

Abstract

The term e-banking is a contemporary term, which derives its origin from the recent past. Banking products and services are provided by e-banking through information technology (IT). The ever-growing IT has led to the speeding up of banking transactions, increasing effective communication between the bank and its customers. To add on, the cut-throat competition has pushed the banks to adopt e-banking concept.

 Though the e-banking system has got couple of merits, it is not free from security threats. To be particular, the online banking accounts are mostly falling as a prey to cyber hunters. These cyber hunters are instigated as the e-banking products and services have opened a gateway to millions of people’s information. This ultimately results in the infringement of privacy of customers by cyber hunters. On the same note, there is a need to implement stringent cyber-security measures to protect the privacy of the customers.

 This article aims to cast light upon the concept of electronic banking and various security threats in e-banking sector. The paper also analyzes how these security threats infringe the privacy of the customers. Further, the paper statistically analyzes the recent e-banking breaches. The authors give an insight about the regulatory and legal framework with regard to e-banking crimes and provide suggestions for betterment of such laws.