Authors: Paraskevi Boufounou, Ioannis Kakaroglou

Title: Security against phishing attacks to e-banking users: A comparative study in Greece against other countries

Abstract

In recent years the development of IT, the improvement of telecommunications, and the wide-spread of computer networks has led to the creation of new ways for performing banking operations, culminating in a so-called internet banking. The internet spread worldwide creates doubts in the banking transaction safety issues. Cybercriminals often try to gain access to bank accounts and credit cards  by “phishing attacks” (i.e. in order to mislead the user so as to reveal his personal information), resulting thus in a  financial damage.

The present paper presents the finding of an online survey of e-banking users in Greece, conducted on issues including online banking experience, knowledge of online behavioral security, awareness of the use risks and preferences for increasing online security. The study of the frequency of use, the no/type of transactions performed and the over the years use in e-banking, revealed a valuable amount of experience in the Greek market. Furthermore, adequate knowledge on technical security issues and expertise on the recognition of phishing attacks was evidenced. While users consider the existing security level of online banking satisfactory, is required by the banking system to upgrade the guidance towards increasing protection against phishing attacks.  A comparison of the present study results against the ones in other countries, reveals some divergence in the perceptions of online security issues, while complete convergence is realized on all users to receive updated phishing danger information in order to improve the current in use precautionary methods.