An investigation of risks associated with online banking in Maldives and how to minimize them / Mizuan Mohamed

Abstract

The online banking environment has grown tremendously over the past several years. And will continue to grow so. Financial institutions are providing all the services through the internet to allow customers to pay bills, check account balance, transfer funds and carry out other transactions. During this recent technological advancement online banking services has been plagued by internet criminals who tries to steal personal information of customers. Phishing, pharming, malware attacks have become well known and is used by fraudsters to obtain personal data of customers illegally. This research investigates the risks associated with online banking service particularly in the Maldives and portrays the need for secure multi factor authentication systems in online banking to prevent such attacks. Additionally, this study provides a guide on how such authentication systems can be implemented.