Online banking has offered a great level of convenience to customers compared to traditional banking, which required customers to be physically present at the bank for every transaction. However, with this convenience also come the risks of exposure and misuse of sensitive financial information.
Incidents of online banking fraud are on the rise and customers financial data are at great risk. The sophisticated nature of such security attacks often prevent them from being detected by threat detection or intrusion prevention software. Suffolk County National Bank reported a security breach in January 2010, indicating that over 8300 customer credentials were stolen.