Online banking and modern approaches toward its enhanced security

Digital information has become a social infrastructure and with the expansion of the Internet, network infrastructure has become an indispensable part of social life and industrial activity for mankind. In recent years, the demand for online banking has increased and the number of people who rely on online transactions has tremendously increased. Thus, necessity for a reliable security for online transactions is ever than before. Furthermore, security concerns still exist among the general public when using online applications. The purpose of this paper is to explore why online banking is vulnerable to exploits and to introduce some of the modern approaches to secure online banking in an easy to follow manner. This paper, by pointing out pros and cons of existing countermeasure technologies, tries to serve as a tutorial to raise public awareness in information security developments and conceive a model for the future technology.