Paper Summary:

The literature presented in this paper shows that the online banking service is vulnerable to attacks from Internet-savvy hackers and thieves. The paper argues that it is not totally safe to perform online banking and bases this opinion on the facts as presented in the body of literature available. It explains that the most important thing a customer can do - and banks can do - is stay informed and utilize cutting edge security systems, including virus scans and virus removers. Another important thing a customer should do is make sure that he or she is protected against financial loss, in particular if the bank is responsible for the breach in security. It concludes that if a bank refuses to offer written contractual assurance against Internet theft as a result of flaws in its server or other technologies, a customer would be wise to change banks.
Security on the Web - What are the Key Issues for Major Banks?
Abstract
Introduction
The Internet's History
Online Banking: The Problems, the Concerns, and the Possible Solutions
Cyber Corruption
Conclusion

From the Paper:

"The age of digital technology - email, Web-driven high-speed communication and information, online commerce, and more - has been in place now for several years, and has been touted as a "revolutionary" technological breakthrough, and for good reason: This technology presents enormous new business opportunities. For example, by moving the key element of marketing and sales from local and regional strategies onto the global stage, and by providing dramatically improved customer convenience, the Web offers medium, small and large companies - including banks - unlimited growth potential."

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