e-Banking has a bright future as is evident from its rising popularity and the increasing number of online services offered by banks around the globe. However, maximizing such potential requires financial institutions to overcome the growing incidences of identity (ID) theft.
Worldwide, the banking fraternity has been a witness to an increasing number of online frauds. ID theft, particularly phishing, has been eroding the mutual trust between financial institutions and their customers - a prerequisite for secure online banking. With identity theft amounting to significant financial losses and decreased customer usage of online banking services, it is an issue that cannot be ignored. A large number of organizations are now looking at the option of implementing proactive security measures to combat the growing menace of ID theft.
