Online Banking Fraud Suffers Increase Essay
Online banking is a service that many modern banks provide now a day and with the passage of time more and more people are using this service (Anonymous, 2010) due to the commodity and convenience of doing payment transactions (Lanham, 2008) directly from their homes instead of going to an actual bank (Ponemon, 2005). However as the number of credit cards used to make transactions on the internet increases also does the number of people that fall into frauds and phishing scams made to obtain their private information (Unknown, 2010). With this information, phishers proceed to wire transfer money from the “stolen” bank account to theirs (Sullivan, 2004).
Studies made by the UK Cards Association show that …show more content…
If each time more people use online banking services then it is to be expected that the probability that a user falls into one of these scams is going to increase as well. This is why the number of phishing attacks rose between the years of 2008 and 2009.
C. Impact of the Issue
The fact that with the passage of time the quantity of credit cards available in the world wide web increases shows that the