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Abstract:
The internet has played a key role in changing how we interact with other people and how we do business today. As a result of the internet, electronic commerce has emerged, allowing business to more effectively interact with their customers and other corporations inside and outside their industries. One industry that is using this new communication channel to reach its customers is the banking industry. The e-banking system addresses several emerging trends: customer's demand for anytime, anywhere service, product time-to-market imperatives and increasingly complex back-office integration challenges. The challenges that oppose electronic banking are concerns of security and privacy of information. This paper will first discuss the drivers of ebanking; secondly, it will talk about the concerns about e-banking from various perspectives. Thirdly, the security and privacy issues will also be discussed, and fourthly the attacks of ebanking with their solutions are discussed.
Keywords: Internet, e-commerce, e-banking, security, privacy, and attacks.
Introduction
The information superhighway has found its way into many homes, schools, businesses, and institutions. Many people are cruising the internet each day to obtain information on the weather, latest sport scores, job offers, local news, and may other exciting information. These people also buy and sell goods on this media. Consequently many businesses are reaching out to customers worldwide using the internet as its communication channel. This new electronic media of interaction has grown to be known as electronic commerce (E-commerce). E-commerce integrates communications, data management, and security services, to allow business applications within different organizations to automatically interchange information. Also ecommerce is comprised of interconnected communications networks; advanced computer hardware and software tools and services; established business transaction, data exchange, and interoperability standards; accepted security and privacy provisions; and suitable managerial and cultural practices. This infrastructure facilitates diverse and distributed companies nationwide to rapidly, flexibly, and securely exchange information to drive their business processes.
The banking industries are one such business that is using this new communication media to offer its customers value added service and convenience. This system of interaction between the consumers and the banking industries is called the electronic banking system. FinCen (2000) states that "E-banking is an umbrella term for the process by which customer may perform banking transactions electronically without visiting a brick-and-mortar institution". E-banking...