Research proposal in identity theft in banking,uk Essay

Research proposal in identity theft in banking,uk - Essay Example 1 billion every year to identity theft which is already sending warning signals to the online bankers. With more banks venturing in online services and online financial transfer is dominant in these sectors, the banks and the customers are at a very high risk of losing their money to fraudsters. This research intends to narrow down to cybercrime, an area that has had little coverage by researchers of identity theft, yet a threatening one. By taking a quantitative approach to identify the severity cybercrime in identity theft and identifying possible security approaches that can be used to reduce instances of identity theft, it is possible to make viable recommendations that would go way far in reducing identity theft. Problem statement In the UK, the banking sector loses approximately ?1 billion to cyber crime and customer trust is at stake in this sector (Barclays, 2013). The banking sector is a major contributor to the economy of the country contributing about 8% of the UK Gross Do mestic Product. Therefore, it is one of the sectors that must be protected to ensure economic stability in the UK. Online banking is an innovative strategy that has enhanced business growth in the UK and has ensured customer comfort and satisfaction. However, as the internet technology grows, network aware experts delve in cyber crime and take advantage of innocent customers who do not know the threats that they expose themselves to wherever they conduct an online bank transaction in the UK. By identifying the vulnerability of the people and possible mitigation measures it is possible to protect the banking industry and consequently contribute to the economic development of the UK. Research Questions This research study intends to provide the answers to two critical research questions; What are the factors that predispose customers to identity theft during their online transactions? And what are the possible mitigation measures that would reduce the risk of customers falling victims of cybercrime? Objectives of the Study Main objectives To identify the factors that predispose customers to identity theft during their online bank transactions. To identify possible mitigative measures to protect online bank transactions from cyber crime. Specific Objectives To gather information from the public on their awareness risk of the identity theft while conducting online bank transactions. To assess the UK bank's security policies that protect their customers from identity theft within the scope of their online services. To identify the efficiency of the banking security policies in protecting their customers from cybercrime. To quantitatively analyse the data and make possible conclusions on identity theft To make viable recommendations on the possible measures that can protect bank customers from identity theft. Literature Review According to Haldane (2011, Para. 3), an economic analyst, the UK banking sector contributes to over 8% of the country gross domestic product and employs millions of UK residents. This points out that the UK banking sector is a major contributor in the economic development of the country, hence the need to protect it from any kind of business threat. Surprisingly, the UK banking sector continues to lose over ?1 billion every year from identity theft which has led to loss of trust in customers and a consequential drop in their revenue margin. In the current technology driven business sector,