Legal Threats in Digital Banking Sector

Digital banking  has  a  lot  of  benefits  that  add value  to customer’s  satisfaction  in  term  of  better  service  quality,  and  at  the same time enable banks to gain a competitive advantage over other  competitors.  However,  more  attention  towards digital banking security  is  required  and  needed  against  fraudulent  behavior because the  lack  of  control  over  security  makes  digital banking  still untrusted for  many  till  to day.  This  paper  presents  security issues related  to digital banking along  with  the  characteristics  and challenges  of  digital banking fraud.Different types ofattacks, some fraud detection strategies, and some prevention methodsused by electronicbanks, are also presented in this paper.An expert opinion method was used to rank different model and techniques in security.  Results  indicated  that  the  most  effective  model  is “Transaction  Monitoring”  and  the  worst  models  based  on respondent’s   opinions   are “Virtual   Keyboards”,   “Browser Protection”, and  “Device  Identification