Argumentative Essay On E Banking

Abstract

E-Banking is a recent phenomena emerged after Internet Evolution .Internet has changed our lives in a numerous ways it has brought our world closer and made us close to the things which to due to geographical boundaries were far from us. Apart from making flow of information and communication easier for us Internet helped in significant evolution in the sectors like Commerce and Banking. E-Banking is the backbone of the E-Commerce industry worldwide. Due to payment by E-banking we are able to trade cashless with online retailers. Development and Growth of E-commerce is due to online banking . E-banking has significantly accelerated the Capital Formation and Growth of the Economy . It has made small business and new start up at par

Crimes related to Internet is known as Cybercrime .Online banking is a series of processes in which a bank client logs on to the Website of the bank through the Web-browser that is installed on client‟s Personal computer and carries out various transactions such as account transfers of cash, bill payment, saving account and current accont inquiries etc.

Advantages of E-Banking

● Due to the absolute transparency of the market, customers can compare the services of various banks easily. If customers are not dissatisfied with the products or services offered by a bank, they can change their bank easily than in the real bank-client

● An attack might be in form of an unauthorized access tovirtual indentity, its destruction, corruption or alteration of data or information or any type of malicious procedure to cause network failure, reboot or hang of system or server as result threat to security and secerecy.

● Modern security techniques have made cracking very tedious but not impossible therefore security is very important..

● If the system is not configured properly or the updated software patches are not installed then hackers may crack the system using security loophole.

● A wide range of info regarding internet security loophole and their fixes is freely available on internet.

● During the E-banking process prevalence of malicious applications and software that steal financial account information has increased drastically over the last few decades, often resulting in victims losing their money.

● The hackers tend to target the weakest link or security loophole whether it is host computer or bank’s server or banks website.

● Once the attacker has control over a users computer he or she can take advantage of the situation by misuse of that