Security and Fraud Issues of E-Banking

E-banking has a lot of benefits that add value to customer's satisfaction in term of better service quality, and at the same time enable banks to gain a competitive advantage over other competitors. However, more attention towards e-banking security is required and needed against fraudulent behavior because the lack of control over security makes e-banking still un-trusted for many till today. This paper presents security issues related to e-banking along with the characteristics and challenges of e-banking fraud. Different types of attacks, some fraud detection strategies, and some prevention methods used by electronic banks, are also presented in this paper. An expert opinion method was used to rank different model and techniques in security. Results indicated that the most effective model is "Transaction Monitoring" and the worst models based on respondent's opinions are "Virtual Keyboards", "Browser Protection", and "Device Identification". The organization of this paper go in the following manner: section 1 will introduce the topic, followed by a literature review in section 2. Section 3 depicts the research methodology adopted and the data analysis process. Finally, conclusions and future work are stated at the end of the paper.