2.2 Perception of Security and the Utilization of Internet Banking Services
There are still several hacking problems on the internet. There could be data leakage during internet banking. A common and widely recognized obstacle to internet banking has been the lack of security and privacy over the internet (Quein and Klein, 1996; Bee, 2008). The level of internet banking perceived riskiness could possibly fall between these two transactions. In internet banking, the amount of confidential information required is not as much as in bill payment service. In internet banking, providing bank information is an optional item.
According to Chan and Lu (2004), this has lead many people to view internet banking as risky undertakings. Therefore in the …show more content…
The online raises information privacy risk as it often involves the collection, use or disclosure of consumer personal data (Seounmi, 2009). Perceived information privacy risk in this study refers to an individual subjective perception about how their personal financial information is collected, maintained, used, and disseminated (Angst and Agarwal, 2009).
Privacy in internet banking is the level of control that clients have over the timing, and circumstances of sharing oneself physically, behaviorally, or intellectually with others (Ghosh and Swaminatha, 2001). As an element of perceived security risk, it is the extent to which technology enabled services are perceived to be secure, sufficiently safe and reliable to use (Chavidi and Mulabagula, 2004). With more private information exposed to service providers, internet banking customers require more assurance of privacy protection and more control over the information that can be released (Liu and Arnett, …show more content…
In this sense the Gramm ,Leach, Bliley act can be considered as a self regulatory law requiring consumers to be responsible for their online behaviors and to protect their information privacy. However, this self regulatory policy may not affect consumers information privacy perception and related behavior because they are not aware of or not take action accordingly (Larose and Rifon, 2007). Sometimes, breach in privacy may occur on the supplier side if businesses do not provide privacy policies to their customers or fail to prevent unauthorized accessing private