What Are The Advantages And Disadvantages Of E-Banking?

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The advancement in technology has brought various means to elevate human effort in doing things with the use of computer, especially in the area of buying and selling. This advancement with numerous benefits is not without challenges. Electronic banking is simply the use of computers with the internet to carry out banking transactions such as withdrawals through cash dispensers or transfer of funds at point of sale as well as depositing money. The e-banking constitutes an electronic alternative network of payments and benefit of services. The problem with the existing system is that despite the benefit of electronic banking, it also faced with some challenges like phishing, cyber crime, and electronic spam mail etc. The banks that are activated in the Internet are susceptible mainly…show more content…
6. Biometric:
Biometrics in banking also helps to increase customer trust and improve brand reputation. The necessity for a stronger authentication solution became inevitable in banking services because of the growing pace of sophisticated transactional technology adoption along with the unfortunate rise in fraud and security breaches due to reliance on traditional security systems such as passwords.
7. Surveillance camera:
As part of our security services for banks, we offer specialized security systems for ATMs. These systems may include CCTV-Video ATM security cameras to monitor and record activity as well as security alarm systems to signal authorities in the instance of a threat.
4.1 CONCLUSION
E-banking offers a higher level of convenience for managing one 's finances even from one 's bedroom. However, it continues to present challenges to the financial security and personal privacy. Many people have had their account details compromised, as a result of online banking.
This seminar has been able to outline the various types of cybercrimes which is the main security challenge of electronic banking in Nigeria and has suggested the possible means of tackling this security

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