Abstract: The banking industry has witnessed great changes in the last twenty years. Some of these
changes include mergers, the growth of electronic banking, and consolidation of banks with
other financial institutions such as insurance companies and investment banking firms. These
changes have some positive impacts on bank's profitability, increased public's access to diverse
financial services, and facilitated bank lending. Electronic banking (E-banking/EB) is becoming
increasingly popular because it simplifies and speeds transactions. E-banking enables customers
to bank conveniently at the corner of their homes and enhances profitability and productivity for
banks. Although e-banking provided some benefits to the banks and their customers, it also
brought along with it some security threats.
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