The advent of computers has made life easier for many people. This is especially true in the banking sector, as more and more people are conducting their financial transactions online. Studies have shown that by 2004, nearly 45% of Americans would pay their bills online.
This is out of the 141 million adults. However, online fraud is also increasing, as of the 141 million adults, 2 million suffered from fake bank activity leading to a loss of averagely, $1,200 dollars per case (www. spamlaws.com, 2009). This translates to a loss of over $2.4 billion. This is a massive amount to say the least, and increases the necessity of finding ways of providing security for the gullible masses. How to reduce instances of financial fraud through information technology security is thus the main focus of the paper. To this end, it will seek to find ways in which banks, but specifically, the Barclays Bank PLC, can help protect their customers from occurrences of fraud.
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