Internet Banking: Risk and Security Issues

The United States Federal Deposit Insurance Commission (FDIC) (2005) pointed out that as the use of the Internet continues to expand, more banks and thrifts are using the Web to offer products and services and to enhance communication with consumers. U.S.-based Wells Fargo was a leader in the development of online banking services, beginning in 1990 and creating a trend that was adopted in the United Kingdom in 1997. Today, as noted by the FDIC (2005), Internet banking has become an established industry and there are some banks that provide online services only without traditional bricks and mortar establishments.
While the vast majority of analysts see Internet banking as having revolutionized the financial sector, Perumal (2005) suggests that despite the astronomical growth rate of this sector, there are certain risks attendant upon using the Internet for personal financ
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