Online banking security alertness amongst the youth

Online banking has been the preferred mode of banking amongst the youth. All major retail banks offer an online channel for transaction processing as well as product sales to a certain extent and major banks also give information about risks and precautions to be taken for online banking on their web page. But still there are many online frauds being reported daily and is on the rise. As for banking customers, online banking is very convenient from their cosy comforts and highly cost efficient for the bank as well. But how safe is online banking? This study was devised to find out what lies ahead for online banking. The youth who are the future bankers were chosen from the city of Mumbai and the findings are alarming The findings reveal a very easy attitude, not taking enough precautions while banking online. At least a third of the respondents do not take any precautions and this is very disturbing due to the fact that it is their own money which is not taken good care. Banks need to put enhanced security measures in place and make it more compelling before any major frauds are reported.