have resulted in huge losses for the banks and customers across the globe. Particularly in recent times, security experts and the federal government in the US are warning that scam artists are leveraging public concern over the global financial crisis to steal sensitive financial data and spread malicious software. Credit card frauds are also on the rise.
Large numbers of customers’ accounts and credit card holders’ accounts have been compromised in the past resulting in not only financial loss, but also legal risk and reputational loss in the market.