BANKING LAW

Dr. SHAKUNTALA MISRA NATIONAL REHABILITATION UNIVERSITY

Lucknow

Faculty of Law

PROJECT FOR RESEARCH TOPIC ON

CHALLENGES TO INTERNET BANKING

For

COURSE ON ‘BANKING LAW’

Submitted by

Eshan Priydarshy

154140022

Academic Session: 2018-19

Under the Guidance of

Mr. Shail Shakya

Asst. Prof. in Law & Faculty for Banking Law
Faculty of Law
Dr. Shakuntala Misra National Rehabilitation University

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CONTENTS

1. ACKNOWLEDGMENT.................................................................................................3

2. INTRODUCTION.......................................................................................................... 4

3. ADVANTAGES...............................................................................................................6

4. RISKS................................................................................................................................9

5. PRECAUTIONS FOR INTERNET BANKING USERS............................................11

6. INDIAN POSITION......................................................................................................11

7. INTERNET BANKING PROBLEMS AND LEGAL REMEDIES............................13

8. REGULATORY AND SUPERVISORY ISSUES........................................................17

9. CHALLENGES..............................................................................................................18

10. CONCLUSION..............................................................................................................19

11. BIBLIOGRAPHY...........................................................................................................20

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ACKNOWLEDGMENT

I Eshan Priydarshy student of B.Com LL.B(Hons*) 7th Semester has made this

assignment under the guidance ship of Shail Shakya Sir, who is my subject

teacher for the Banking Law. I would like to express my special thanks of

gratitude to her who gave me the golden opportunity to do this wonderful project on

the topic Challenges to Internet Banking, and also help me out with problems, which

also helped me in doing a lot of Research and I came to know about so many new

things I am really thankful to them.

I would also like to thank my friends for their constant support and help every

time.

Thanking You.

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INTRODUCTION

Banking over the Internet has attracted increasing attention from bankers and other

financial services industry participants, the business press, regulators, and law makers.

Among the reasons for Internet baking's audience are the notion that electronic

banking and payments will grow rapidly, more or less in tandem with proliferating

electronic commerce; industry projections that Internet banking will cut banks ‟costs,

increase banks‟ revenue growth, and make banking more convenient for customers;

and some vexing public policy issues. 1 Despite this attention, there is a dearth of

systematic information on the nature and scope of Internet banking. Bankers and

public policymakers alike have had to plan using largely anecdotal evidence and

conjecture. Banks offer Internet banking in two main ways. An existing bank with

physical offices can establish a Web site and offer Internet banking to its customers as

an addition to its traditional delivery channels. A second alternative is to establish a

“virtual,” “branchless,” or “Internet-only” bank. The computer server that lies at the

heart of a virtual bank may be housed in an office that serves as the legal address of

such a bank, or at some other location. Virtual banks may offer their customers the

ability to make deposits and withdraw funds via ATMs or other remote delivery

channels owned by other institutions. Broadly, the levels of banking services offered

through INTERNET can be categorized in to three types:2

i. The Basic Level Service is the banks‟ websites which disseminate information

on different products and services offered to customers and members of public

in general. It may receive and reply to customers‟ queries through e-mail,

1
Avlonitis, G. J. and P. Papastathopoulou (2000) “Marketing communications and product performance: innovative vs. non
innovative new retail financial products millennium,” International Journal of Bank Marketing , 18(1): 27-41.
2
Geyer J. (1997), “Adoption of e-Finance Research Note SPA-1200-101,” Gartner Group,

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ii. In the next level are Simple Transactional Websites which allow customers to

submit their instructions, applications for different services, queries on their

account balances, etc, but do not permit any fund-based transactions on their

accounts,

iii. The third level of Internet banking services are offered by Fully Transactional

Websites which allow the customers to operate on their accounts for transfer of

funds, payment of different bills, subscribing to other products of the bank and

to transact purchase and sale of securities, etc.

The above forms of Internet banking services are offered by traditional banks, as an

additional method of serving the customer or by new banks, who deliver banking

services primarily through Internet or other electronic delivery channels as the value

added services. Some of these banks are known as ''virtual‟ banks or ''Internet-only‟

banks and may not have any physical presence in a country despite offering different

banking services. There is no denying the fact that information technology has been

the most rapidly changing industry in India, and the marriage of technology and

banking has to occur for India to keep pace with changes in the global scenario.

Nationalization of the banking sector has led to occurrences of pseudo developmental

activities for nurturing vote banks, loss of accent on performance and profitability,

creation of unions etc to name a few. The Internet has revolutionized the computer and

communications world like nothing before. The invention of the telegraph, telephone,

radio, and computer set the stage for this unprecedented integration of capabilities.

The Internet is at once a world-wide broadcasting capability, a mechanism for

information dissemination, and a medium for collaboration and interaction between

individuals and their computers without regard for geographic location.

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Though it began in the 1980s, it was only in the mid nineties that internet banking

really caught on. What attracts customers to internet banking is the round the clock

availability and ease of transactions. Studies estimate that internet banking still has a

long way to go. There are several banks that have customers who prefer banking in the

traditional ways. Statistics released by the FDIC show that only 40% of the banks in the

U.S. offer internet banking facilities worth mentioning. All the others may have an

online presence but do not have enough online transactions to justify their presence on

the internet.

ADVANTAGES

According to the Internet in India Report 2007 published jointly by the Internet and

Mobile Association of India and IMRB International, the number of internet users in

India in the ever user or claimed user category has touched 46 million in September

from 32.2 million in September 2006.3 During the same period, the number of active

internet users has reached 32 million. Through Internet banking, we can check our

transactions at any time of the day, and as many times as we want to. Where in a

traditional method, we get quarterly statements from the bank. If the fund transfer has

to be made outstation, where the bank does not have a branch, the bank would

demand outstation charges. Whereas with the help of online banking, it will be

absolutely free. From the perspective of banking products and services being offered

through Internet, Internet banking is nothing more than traditional banking services

delivered through an electronic communication backbone, viz, Internet. 4 But, in the

process it has thrown open issues which have ramifications beyond what a new

delivery channel would normally envisage and, hence, has compelled regulators

3
Internet & Mobile Association of India (IAMAI)

4
Yerkes, L. (1998), “Growing with technology – The Benefits of Internet Banking,”

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world over to take note of this emerging channel. Some of the distinctive features of i-

banking are5:

1. It removes the traditional geographical barriers as it could reach out to

customers of different countries / legal jurisdiction. This has raised the question

of jurisdiction of law / supervisory system to which such transactions should be

subjected,

2. It has added a new dimension to different kinds of risks traditionally associated

with banking, heightening some of them and throwing new risk control

challenges,

3. It poses a strategic risk of loss of business to those banks who do not respond in

time, to this new technology, being the efficient and cost effective delivery

mechanism of banking services,

4. A new form of competition has emerged both from the existing players and

new players of the market who are not strictly banks.

Another advantage of Internet banking is that it is cost-effective. Thousands of

customers can be dealt with at once. There is no need to have too many clerks and

cashiers. The administrative work gets reduced drastically with Internet banking.

Expenditures on paper slips, forms and even bank stationery have gone down, which

helps raise the profit margin of the bank by a surprisingly large number. Rough

estimates assume teller cost at Re.1 per transaction, ATM transaction cost at 45 paise,

phone banking at 35 paise, debit cards at 20 paise and Internet banking at 10 paise per

transaction. Fully computerized banks, with better management of their customer base

are in a stronger position to cross-sell their products through this channel. As far as

customers are concerned, their account information is available round the clock,
5
Mishra, A. K. (2001), “Internet Banking in India,” BanknetIndia

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regardless of their location. They can reschedule their future payments from their bank

account while sitting thousands of miles away. They can electronically transfer money

from their bank accounts or receive money in their bank accounts within seconds. Bill

payment service One can facilitate payment of electricity and telephone bills, mobile

phone, credit card and insurance premium bills as each bank has tie-ups with various

utility companies, service providers and insurance companies, across the country. To

pay bills, all one need to do is complete a simple one-time registration for each biller.

One can also set up standing instructions online to pay his recurring bills,

automatically. Generally, the bank does not charge customers for online bill payment.

Fund transfer One can transfer any amount from one account to another of the same or

any another bank. Customers can send money anywhere in India. Once one login to

his account, he need to mention the payee's account number, his bank and the branch.

The transfer will take place in a day or so, whereas in a traditional method, it takes

about three working days.

Credit card customers With Internet banking, customers can not only pay their credit

card bills online but also get a loan on their cards. If one loses his credit card, he can

report lost card online. Investing through Internet banking One can now open an FD

online through funds transfer. 6 Now investors with interlinked demat account and

bank account can easily trade in the stock market and the amount will be

automatically debited from their respective bank accounts and the shares will be

credited in their demat account.7 Moreover, some banks even give one the facility to

purchase mutual funds directly from the online banking system. Nowadays, most

leading banks offer both online banking and demat account. However if one has his

demat account with independent share brokers, then he need to sign a special form,

6
Financial Times (2001), “Consumer credit – the new middle class mantra, a survey report,”

7
India Infoline (2000), “Electronic Fund transfer and clearing system,”

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which will link his two accounts. Shopping With a range of all kind of products, one

can shop online and the payment is also made conveniently through one's account.

One can also buy railway and air tickets through Internet banking.

RISKS

One of the biggest attractions of Internet as an electronic medium is its openness and

freedom. It is a public domain and there is no restriction on who can use it as long as

one adheres to its technical parameters. Internet is not an unmixed blessing to the

banking sector. Along with reduction in cost of transactions, it has also brought about

a new orientation to risks and even new forms of risks to which banks conducting i-

banking expose themselves.8 Regulators and supervisors all over the world are

concerned that while banks should remain efficient and cost effective, they must be

conscious of different types of risks this form of banking entails and have systems in

place to manage the same. An important and distinctive feature is that technology

plays a significant part both as source and tool for control of risks. Because of rapid

changes in information technology, there is no finality either in the types of risks or

their control measures.9 Both evolve continuously. Operational risk, also referred to as

transactional risk is the most common form of risk associated with i-banking. It takes

the form of inaccurate processing of transactions, non enforceability of contracts,

compromises in data integrity, data privacy and confidentiality, unauthorized access /

intrusion to bank's systems and transactions etc. Such risks can arise out of weaknesses

in design, implementation and monitoring of banks‟ information system. Besides

inadequacies in technology, human factors like negligence by customers and

employees, fraudulent activity of employees and crackers / hackers etc. can become

8
Denny, S. (2000), “The Electronic Commerce Challenge,” Journal of Internet Banking and Commerce

9
Jih, W. J., S. Y. Wong and T. B. Chang (2005) “Effects of perceived risks on adoption of Internet banking services: an empirical
investigation in Taiwan,” International Journal of E-Business Research, 1(1): 70-88.

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potential source of operational risk. Often there is thin line of difference between

operational risk and security risk and both terminologies are used interchangeably.

Security risk arises on account of unauthorized access to a bank's critical information

stores like accounting system, risk management system, portfolio management system,

etc. A breach of security could result in direct financial loss to the bank. For example,

hackers operating via the Internet, could access, retrieve and use confidential customer

information and also can implant virus. This may result in loss of data, theft of or

tampering with customer information, disabling of a significant portion of bank's

internal computer system thus denying service, cost of repairing these etc. Other

related risks are loss of reputation, infringing customers‟ privacy and its legal

implications etc. Thus, access control is of paramount importance. 10 Controlling access

to banks‟ system has become more complex in the Internet environment which is a

public domain and attempts at unauthorized access could emanate from any source

and from anywhere in the world with or without criminal intent. Attackers could be

hackers, unscrupulous vendors, disgruntled employees or even pure thrill seekers.

Also, in a networked environment the security is limited to its weakest link. It is

therefore, necessary that banks critically assess all interrelated systems and have access

control measures in place in each of them. As Internet banking transactions are

conducted remotely banks may find it difficult to apply traditional method for

detecting and preventing undesirable criminal activities. Application of money

laundering rules may also be inappropriate for some forms of electronic payments.

Thus banks expose themselves to the money laundering risk. This may result in legal

sanctions for non-compliance with 'know your customer' laws.

10
Hertzum, M., N.C. Juul, N. Jørgensen, and M. Nørgaard (2004), “Usable Security and E-Banking: Ease of Use vis-à-vis Security,”
Technical Report.

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PRECAUTIONS FOR INTERNET BANKING USERS

Here are some precautions to follow while Internet banking to avoid misuse of their

accounts: One should log out from a bank's website using the set procedure especially

while working on a public computer or over a non secured wireless connection. Keep

changing the password at regular intervals. Try to memorize the username and

password for your Internet account instead of writing it. Never furnish any sensitive

information through an email claiming to be from a bank and never go to any

hyperlink directed from a site and give any sensitive information. The growing fraud

in Internet banking can be checked if the regulatory agencies like the Reserve Bank of

India, service providers such as banks and ISPs, and customers themselves are more

alert. Laws have to be made stricter to ensure that banks comply with implementing

the necessary security systems and there is a need for stricter punishment for people

committing cyber crimes.

INDIAN POSITION

The Indian banks‟ record in Internet banking is nothing much to write about. Nearly

all banks operating in India offer Internet banking services, wherein every customer is

given a unique user name and password. Customers can use these details to log on to

their accounts to carry out any transaction. The bank keeps a record of all online

transactions of a customer. Although most banks claim to have a multi-layered

security architecture comprising firewalls, filtering routers, encryption and digital

certification to protect unauthorized access to their customer accounts, hacking has

become a major problem. 11 The ICICI Bank kicked off online banking in 1996, followed

by a host of other banks. But even for the Internet as a whole, 1996 to 1998 marked the

adoption phase, while usage increased only in 1999, owing to lower ISP online

11
ibid 5

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charges, increased PC penetration and a tech-friendly atmosphere. On the other hand,

the Public Sector Banks (PSUs) lagged in the race for adopting Internet banking

practices. While, among the PSUs, the State Bank of India took the lead, others are yet

to catch up on Internet banking services. Some banks blame it on the lack of

regulations and procedures to go online. But, not many are willing to buy the

argument. More than a lack of regulatory framework, it is a lack of zeal and a mindset

attuned towards resisting any new technology that is holding back the nationalized

banks. Internet banking is an extension of traditional banking services. However, there

are several instances, which contradict the legal framework for internet banking in

India: Banking Regulations Act, 1949, the Reserve Bank of India Act, 1934 and the

Foreign Exchange Management Act, 1999.

The Information Technology Act 2000 attempted to address a number of e-commerce

regulatory issues. Many feel that grey areas still exist, which have neither been spelt

out properly nor any workable modes of implementation suggested by Constitutional

institutions. The IT Act of 2000 did address the need for banks to go online and have

laid out security measures to be adopted. However, one cannot say the aspirations of

the industry have been satisfactorily looked into. The Reserve Bank of India has taken

several initiatives in setting guidelines for internet banking, and reviews them at

periodic intervals. Most important, RBI approval was made mandatory for all banks

before offering any transactional services over the Internet. This was however shelved,

giving banks more autonomy on the online space, though ensuring at the same time,

that it would be strictly under the provisions of the RBI. 12 Earlier, the RBI had adopted

the recommendations of the ''Working Group on Internet Banking,‟ which examined

three thrust areas such as Technology and security issues, legal issues and regulatory

and supervisory issue.

12
ibid 11

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INTERNET BANKING PROBLEMS AND LEGAL REMEDIES

A major problem for banks and Internet banking users, Phishing is an art of tricking

someone into giving confidential information and fraudulently acquiring their

sensitive information like passwords and credit card details. The IT Act 2000, however,

does not specifically define phishing as an offence and thus the law enforcement

authorities have to take recourse to the generic provisions of cheating and criminal

breach of trust under the Indian Penal Code. Due to the lack of adequate legal

provisions for dealing with growing cyber crimes, banks are working towards

intimating net users about e-security. SMS alerts are used to inform customers

promptly about their online transactions. Banks have also put in place security

measures, as outlined by the Reserve Bank of India in its guidelines for Internet

banking.13 The guidelines talk about the risks associated with Internet banking,

technology and security standards, legal issues involved, and regulatory and

supervisory concerns. The RBI is empowered to audit the compliance of the Internet

banking policy outlined by it. The banks providing Internet banking service, at present

are only accepting the request for opening of accounts. The accounts are opened only

after proper physical introduction and verification. Considering the legal position

prevalent, particularly of Section 131 of the Negotiable Instruments Act, 1881 and

different case laws, the Group holds the view that there is an obligation on the banks

not only to establish the identity but also to make enquiries about integrity and

reputation of the prospective customer.14

The Group, therefore, endorses the present practice but has suggested that after

coming in to force of the Information Technology Act, 2000 and digital certification

machinery being in place, it may be possible for the banks to rely on digital signature

13
Nair, A (1999), “Indian Internet banking still nascent,” Asia Internetnews, May 12th

14
Arora, Anjali(2000), “The lonely net-only banks,” The Standard, March 27

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of the introducer. The present legal regime does not set out the parameters as to the

extent to which a person can be bound in respect of an electronic instruction purported

to have been issued by him. Generally authentication is achieved by security

procedure, which involves methods and devices like user-id, password, personal

identification number (PIN), code numbers and encryption etc., used to establish

authenticity of an instruction. However, from a legal perspective a security procedure

needs to be recognized by law as a substitute for signature.

In India, the Information Technology Act, 2000, in Section 3(2) provides for a particular

technology (viz., the asymmetric crypto system and hash function) as a means of

authenticating electronic record. This has raised the doubt whether the law would

recognize the existing methods used by banks as valid methods of authentication. The

Group holds the view that as in case of other countries, the law should be technology

neutral. In keeping with the view that law should be technology neutral, the Group

has recommended that Section 3(2) of the Information Technology Act, 2000 needs to

be amended to provide that in addition to the procedure prescribed there in or that

may be prescribed by the Central government, a security procedure mutually agreed

to by the concerned parties should be recognized as a valid method of authentication

of an electronic document / transaction during the transition period. 15 Banks may be

allowed to apply for a license to issue digital signature certificate under Section 21 of

the Information Technology Act, 2000 and function as certifying authority for

facilitating Internet banking. Reserve Bank of India may recommend to Central

Government for notifying the business of certifying authority as an approved activity

under clause (o) of Section 6(1) of the Banking Regulations Act, 1949. Section 40A(3) of

the Income Tax Act, 1961 recognizes only payments through a crossed cheque or

crossed bank draft, where such payment exceeds Rs. 20000/-, for the purpose of

15
ibid 13

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deductible expenses. Since the primary intention of the above provision, which is to

prevent tax evasion by ensuring transfer of funds through identified accounts, is also

satisfied in case of electronic transfer of funds between accounts, such transfers should

also be recognized under the above provision. The Income Tax Act, 1961 should be

amended suitably. Under the present regime there is an obligation on banks to

maintain secrecy and confidentiality of customer's account. In the Internet banking

scenario, the risk of banks not meeting the above obligation is high on account of

several factors like customers not being careful about their passwords, PIN and other

personal identification details and divulging the same to others, bank's sites being

hacked despite all precautions and information accessed by inadvertent finders. Banks

offering Internet banking are taking all reasonable security measures like SSL access,

128 bit encryption, firewalls and other net security devices, etc. The Group is of the

view that despite all reasonable precautions, banks will be exposed to enhanced risk of

liability to customers on account of breach of secrecy, denial of service etc., because of

hacking/ other technological failures. The banks should, therefore, institute adequate

risk control measures to manage such risk. In Internet banking scenario there is very

little scope for the banks to act on stop-payment instructions from the customers.

Hence, banks should clearly notify to the customers the timeframe and the

circumstances in which any stop-payment instructions could be accepted. The banks

providing Internet banking service and customers availing of the same are currently

entering into agreements defining respective rights and liabilities in respect of Internet

banking transactions. A standard format / minimum consent requirement to be

adopted by banks may be designed by the Indian Banks‟ Association, which should

capture all essential conditions to be fulfilled by the banks, the customers and relative

rights and liabilities arising there from. This will help in standardizing documentation

as also develop standard practice among bankers offering Internet banking facility.

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The concern that Internet banking transactions may become a conduit for money

laundering, has been addressed by the Group. Such transactions are initiated and

concluded between designated accounts. Further, the proposed Prevention of Money

Laundering Bill 1999 imposes obligation on every banking company to maintain

records of transactions for certain prescribed period. The Banking Companies (Period

of Preservation of Records) Rules, 1985 also require banks to preserve certain records

for a period ranging between 5 to 8 years. The Group is of the view that these legal

provisions which are applicable to all banking transactions, whether Internet banking

or traditional banking, will adequately take care of this concern and no specific

measures for Internet banking is necessary. The Consumer Protection Act, 1986 defines

the rights of consumers in India and is applicable to banking services as well.

Currently, the rights and liabilities of customers availing of Internet banking services

are being determined by bilateral agreements between the banks and customers. It is

open to debate whether any bilateral agreement defining customers rights and

liabilities, which are adverse to consumers than what is enjoyed by them in the

traditional banking scenario will be legally tenable. 16 Considering the banking practice

and rights enjoyed by customers in traditional banking, it appears the banks providing

I-banking may not absolve themselves from liability to the customers on account of

unauthorized transfer through hacking. Similar position may obtain in case of denial

of service. Even though, The Information Technology Act, 2000 has provided for

penalty for denial of access to a computer system (Section-43) and hacking (Section –

66), the liability of banks in such situations is not clear. The Group was of the view that

the banks providing Internet banking may assess the risk and insure themselves

against such risks. The Information Technology Act, 2000, in Section 72 has provided

for penalty for breach of privacy and confidentiality. Further, Section 79 of the Act has

also provided for exclusion of liability of a network service provider for data traveling
16
ibid 14

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through their network subject to certain conditions. Thus, the liability of banks for

breach of privacy when data is traveling through network is not clear. This aspect

needs detailed legal examination. The issue of ownership of transactional data stored

in banks‟ computer systems also needs further examination.

Regulatory and Supervisory Issues

The regulatory and supervisory framework for e-banking is continuing to evolve and

the regulatory authorities all over the world recognize the need for cooperative

approach in this area. The Basle Committee for Banking Supervision (BCBS) has

constituted an Electronic Banking Group (EBG) to develop guiding principles for the

prudent risk management of e-banking activities. This Working Group, therefore,

recommends that the Reserve Bank of India should maintain close contact with

regulating / supervisory authorities of different countries as well as with the Electronic

Banking Group of BCBS and review its regulatory framework in keeping with

developments elsewhere in the world. In a competitive market where services

command market share, banks are constantly vying for customers. Banking has

become a process of choice and convenience; better the service, customers tend to

bank, and vice-versa, and Internet Banking is vital for both the industry and the

customer. The future of banking would be in terms of integration, as people will have

less time for banking. People will want to process more transactions on the Internet.

There will be more activity in terms of applications and services on the mobile.

Geography will not be an inhibitor any more as everything is executable on the net.

CHALLENGES

In the Internet banking system, information is considered as an asset and so worthy of

protection. However, the present system of authentication does not address the

security aspect in full. This calls for an urgent need to acclimatize the whole system.

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According to Online Banking Association, member institutions rated security as the

most important issue of online banking. There is a dual requirement to protect

customers' privacy and protection against fraud. Another major issue is that of Data

Protection and the need for a legal and regulatory framework. Information security in

e-banking presents two main areas of risk: preventing unauthorized transactions and

maintaining integrity of customers‟ transactions. Data protection falls in the latter.

Data protection laws primarily aim to safeguard the interest of the individual whose

data is handled and processed by others. „Interests‟ are usually expressed in terms of

privacy, autonomy and/or integrity.17 The Internet and its underlying technologies will

change and transform not just banking, but also all aspects of finance and commerce. It

represents much more than a new distribution opportunity. It will enable nimble

players to leverage their brick and mortar presence to improve customer satisfaction

and gain share. It will force lethargic players who are struck with legacy cost basis, out

of business since they are unable to bring to play in the new context.

CONCLUSION

Internet banking is a facility that allows a person to access his bank accounts from

anywhere, using the Internet. While it offers the benefits of fast transactions, reduced

costs and anytime, anywhere facilities, it is also prone to certain hazards. For instance,

Internet banking leaves an account holder vulnerable to hacking of personal

information. The misuse of Internet amounts to cyber-crime, and India too has been

witnessing a sharp increase in cyber-crimes in the recent years. The Cyber Law of

India, provided in the Information Technology Act, 2000, is, however, silent on

prevailing problems such as Phishing.

17
Denny, S. (2000), “The Electronic Commerce Challenge,” Journal of Internet Banking and Commerce, November

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BIBLIOGRAPHY
Books:

 Boni, K.; Tsekeris, C. (2015): “Electronic Banking”, in Ritzer, G. (ed.), Blackwell

Encyclopedia of Sociology, Blackwell.

 Gandy, T. (2014): “Banking in e-space”, The banker, 145 (838), pp. 74–76.

 Tan, M.; Teo, T. S. (2016): “Factors influencing the adoption of Internet banking”,
Journal of the Association for Information Systems, 1 (5), pp. 1–42.

Article:

 Cronin, Mary J. (2017). Banking and Finance on the Internet, John Wiley and Sons. pg
41.

 Security Flaws in Online Banking Sites Found to be Widespread Newswise.

 Avlonitis, G. J. and P. Papastathopoulou (2013) “Marketing communications and

product performance: innovative vs. non innovative new retail financial products
millennium,” International Journal of Bank Marketing , 18(1): 27-41.

 Geyer J. (2015), “Adoption of e-Finance Research Note SPA-1200-101,” Gartner Group,

 Yerkes, L. (2014), “Growing with technology – The Benefits of Internet Banking,”

 Mishra, A. K. (2011), “Internet Banking in India,” BanknetIndia

 Financial Times (2011), “Consumer credit – the new middle class mantra, a survey
report,”

 Denny, S. (2014), “The Electronic Commerce Challenge,” Journal of Internet Banking

and Commerce

 Jih, W. J., S. Y. Wong and T. B. Chang (2015) “Effects of perceived risks on adoption of
Internet banking services: an empirical investigation in Taiwan,” International Journal
of E-Business Research, 1(1): 70-88.

 Hertzum, M., N.C. Juul, N. Jørgensen, and M. Nørgaard (2014), “Usable Security and
E-Banking: Ease of Use vis-à-vis Security,” Technical Report.

 Arora, Anjali(2010), “The lonely net-only banks,” The Standard, March 27

2018 Page 20