ABSTRACT
With the advancement of information technology, the banking sector has rapidly evolved into Internet banking. Internet banking provides convenience to the customer, such as a cashless experience, reduces time and cost, enables customers to make transactions and payments, and checks banking details via the Internet. With the increasing use of digital technologies, financial institutions are also becoming digitalized. Cyber security is the practice of protecting internet-connected systems including computers, programs, devices, and sensitive data. This paper describes the background of internet banking and cyber security, mentions various types of fraud that occur in the banking sector, explains the importance of cyber security to protect banks’ sensitive data and protect customers from fraudulent acts of fraudsters, and makes some recommendations on fraud governance.
