Online Banking: Risks and Solutions

This presentation discusses the risks associated with online banking, including phishing, mobile malware, and reuse of credentials security threats. It also provides solutions to mitigate these risks, such as avoiding suspicious links, installing antivirus software, and using unique and strong passwords.

Online Banking, Risks and Solutions
Name
Institution
Course
Data

Introduction
• As a result of technology, a lot of changes have been
experienced in banking sector as banking institutions
are now able to offer online banking services
effectively.
• Online banking refers to the way in which transaction
involving money are transacted electronically over
the internet (Ray, Ghosh, & Sen, 2017).
• The transaction does not involve queueing as the
users are not required to physically step into the
financial institution since they can transact at their
home place through internet.

Phishing security risk in online banking
• Although online banking has been overwhelmingly
welcomed as one of the best and less time-consuming
money transaction means, it is, however, associated
with various risk.
• The hackers are highly working day and night by
coming up with different techniques such as links to
illegally access online money transactions.

Phishing security risk in online banking
• The links contain virus programmed to steal the
bank details such as the logins details. These fake
links direct the user to a webpage that looks similar
and acts like the real banking webpage.
• Without awareness of the counterfeit links, users
are prompted to click on the links to easily access
their accounts information.
• The user is then prompt to enter the bank details as
a confirmation, therefore, exposing the details to
hackers.

Mobile malware security risk in online banking
• Mobile devices have recently erupted as one of the best and
portable banking devices that offers a variety of banking
services.
• Different banking apps can be installed on the android mobiles.
These devices have no antivirus installed and the apps are not
secure therefore threating the online transactions.
• However, many people are not aware of the online banking
threats associated with the mobile way of online banking.

Mobile malware security risk in online
banking
• An approximation of 60% of the mobile devices used have no
antivirus software installed on them (Sakti, Achsani, &
Syarifuddin, 2018). This exposes the banking transactions into
the threat of attacks.
• The hackers have come to understand that mobile banking is less
secured and they are therefore turning their attention on the side.

Reuse of credentials security risk in online banking
• Most of the online bank users have a mind that if they use
different usernames and password in different accounts, they may
forget and get their accounts locked.
• This is mostly associated with the people with no awareness on
the danger they exposes to their account.
• They, therefore, tend to use similar passwords and usernames in
all the account they create.

Reuse of credentials security risk in online
banking
• Similarity in the username and password among different personal
accounts acts as an advantage to the hackers.
• Some of the passwords used are also weak.
• The hacker’s success on one account means success in accessing
all the accounts belonging to the same user.

Solutions to phishing security threat in online banking
• Any online banking users should be aware that not all the links
sent through the internet are secure.
• To avoid the risk associated with the online banking through
phishing, the online bankers should not directly click on any link
sent through the internet.
• These links contains virus that can be transferred into the system
therefore accessing the banking information.

Solutions to phishing security threat in online
banking
• The account users should also not access their account through the
link shortcuts.
• However, they should only access by directly going to the bank
website.
• The users should also not try installing any popups free download
or an email attachment as they contain programmed codes that can
retrieve banking details.

Solutions to mobile malware security threat in
online banking
• Most of the mobile devices that support online banking
transactions are manufactured with no inbuilt malware antivirus.
• For the security measures, the users should install an antivirus to
ensure the security of the entire device is secured.
• These antiviruses provides security through scanning the device
software and hardware.

Solutions to mobile malware security threat in
online banking
• It is also recommended that the antivirus installed should be of
the latest version and the device should be scanned regularly to
ensure no time allowance for any attack.
• Moreover, most of the online bank users who transact online
with more than one bank are required not to install all the
different banks' apps on the same mobile device.
• Having multiple bank account apps installed in one device
attracts loss to all the account as any uncertain attack could
expose all the account to a threat.

Solutions to reuse of credentials security threat in
online banking
• To ensure users with different banking accounts do not expose all
their banking details into a threat, various measures should be
taken.
• It is necessary to use different bank account credentials for any
account created.
• This ensures that if one of the accounts may be hacked, then the
same details cannot be used in accessing the other accounts by the
hackers.

Solutions to reuse of credentials security threat in online
banking
• It is also important to ensure that any password created is unique
and strong enough.
• A strong password with a mixture of different characters is very
hard to hack and this keeps all the information in the device save.
• Some practices such as automatic login to the account should
also be avoided.

Conclusion
• With the increased use of electronic technological devices for
online banking transaction, it is necessary to ensure those
transactions are well secured.
• Any user should be aware of the importance of security to the
online transactions and know the best measure to avoid online
banking attacks.
• The financial institutions offering online services should provide
security tips to their customers to prevent any uncertain attacks
from hackers.

References
• Ray, N., Ghosh, T. N., & Sen, K. (2017). Examination of Internet
Banking Customer Perception of Service Quality: Evidence from
Banking Industry. In Business Infrastructure for Sustainability in
Developing Economies (pp. 253-263). IGI Global.
• Sakti, M. A. J., Achsani, N. A., & Syarifuddin, F. (2018). Online
Banking Implementation: Risk Mapping Using ERM
Approach. Buletin Ekonomi Moneter dan Perbankan, 20(3), 279-
306.