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Looking into e-commerceℓ, a great deal of importance is placed on the security of online transactions. Web security is a complex topic encompassing computer system security and network security. It has enhanced rapidly, especially in internet banking. Internet banking is essentially a more convienent way for individuals to view their financial information online. External threats such as viruses become existent which manipulate the information in financial documents. Therefore, web security is a top priority for both consumers and sellers of the World Wide Web.
With the amount of threats accumulating each day, internet banking can create chaos in many individuals' lives. The importance of web security lies within these factors: clients can be left with their personal accounts tampered, resulting in the loss of the banks reputation for providing defective services; insurance companies will lose money because banks will have to claim from their designated insurance. A real life example of this is when a fake website in 2003 was made to fool clients of a specific internet banking. Enabling these suspects to full access to individuals' passwords and usernames. This website had a similar interface to HSBC(Hong Kong's Bank) [1]. The culpruit had a pop-up window appear in clients' web browsers, asking them to enter their user ID and password or their information will be lost. Frantic and confused, people entered their information as quickly as possible. This example shows the great importance of why web security should be a top priority.
According to [1] in the US, credit-card sales account for approximately 90% of the transactions that take place on the Internet. With growing credit-card sales follows higher credit-card fraud. Research conducted from the Gartner Group suggested that $700 million was lost due to online fraud in 2001. It also suggests that 16% of online US adults are victims of credit-card fraud, and even higher (37.5%) for adults...