Security, Fraudulent transactions and Customer Loyalty: A Field Study

A spate of identity thefts, data breaches and relentless media coverage of these issues has brought security issues to the forefront of not only consumers but also policy makers. This is even more important for financial industry. Users trust their banks to protect their financial assets and information. Unfortunately, hackers also realize that financial firms are an attractive target. Phishing attacks, social engineering, DDoS attacks are good examples of various ways the hackers try to breach firms’ security. They use these techniques to gain access to users’ credit card numbers, or bank account passwords and commit financial fraud.