The Trust Foundation Understanding trust issues in the digital era.

“The study also reveals that a financial institution's business performance depends on the online security measures it has deployed. More than 70 percent of banks with stronger security report they have achieved better business performance on a regular basis. Nevertheless, over 57 percent of the banks still do not have a budget allocated for online security, but include online security in their overall IT budget. Only 57 percent of the Indian banks had a formal plan to create customer awareness in regard to online identity theft and financial frauds.”

Phishing is a growing concern for Indian banks. It refers to an attempt to criminally acquire sensitive personal information such as Social Security number, credit card details and passwords by posing as a trustworthy entity. Banks are concern with the online security as there’s a growing number of online criminals. Read more about it here.