E-commerce

Globalization comes along with fast pace financial transaction and migration of currency in entire world. To put the term development in front place, it needs to be technologically advance and more accurate than ever before. Today businesses world are increasing with double increasing demand of consumer. To meet such requirement it had became mandatory for banks around world to adopt the technology of new world.
Banks around world are busy restructuring the core value to retain customer and their trust on bank. With more advance customer society in 21st century, they expect their financial institutes and banks to anticipate their advance. These expectations of customer added different new modules to banking and financial system long ago, i.e. online banking. With online banking people (customer) have trust on their banks about the privacy of their financial information and personal data with the bank. There always exist a threat of loss of personal information and financial data over the internet. The basic question here is, how trustworthy are online transaction These transactions are the collection of number of different sub-transaction within faction of time. In past the more emphasis was to maintain the atomicity of transaction over internet. But now privacy is bigger concern for safe world business. (Turow J, 2005)

Any insecure network may be victimized and may get exploit with variable different backdoor advance threats. People are more skeptics to use their personal details for online banking and transactions. This is because there had been uncertain situations of customer loses its money over online transaction and never reached destination. There are two types privacy that one needs to maintain and many other aspects need to be considered before put personal information and financial details over internet. (Acquisti A, 2004)

Case 1 (Privacy of personal details provided to respective bank)
Assumption of customer with Bank Personal details provided to bank are safe and would never be used outside its work scope.

Assurance of Bank to its customer Details provided to banks are in safe hands and need not to worry.
Trust of Customer on Bank Details provided to bank would not be disclosed to third party.

Actual Fact Personal details are shared with third party for product and marketing offers. Customer is left with uncertain with whom their information was being used and shared and has no control over such disclosure.

Case 2 (Privacy of online transaction over Internet)
Assumption of customer with Bank Private networkdedicated connection provided by bank for online transaction is safest and no way could it be trace-passed.

Assurance of Bank to its Customer Transaction is connection orientedsession oriented and has responsibility to provide security during that session.

Trust of Customer on Bank Online transactions are safest, provided with security.

Actual Fact Most of the banks outsource their security services to private agencies and pay them on contract basis. Though agencies are bound by contract, still bank has no way to know if online transaction are wiretapped or listened online.

Apart from these assumption and trust Banks around world try to implement latest security measures and provide safest environment for online banking. Sometime threats come not from outside but exist within bank, employee who are authorized to access personal details of bank customer my find way to take those details outside bank for personal profit by selling them to third party (Jensen C.  Potts C. 2004). This situation is worst customer may lose its trust on bank and its security. In such circumstances bank offers compensation to customer but mostly it had proved to be unsuccessful try to regain customers trust (Tsai J, 2007).

Online banking had gained more important because of its policy of anytime-anywhere banking (Tang Z. 2005). If you access unsecured private network for online banking and get robbed by some online hackerintruder, it becomes more critical if the hacker is geographically located in some other country. This makes it impossible if such robbery has been done through several different countries, because each nation has its own constitution and different way of implementing law  order.

Online privacy gives you the power to control the release of personal and financial information over the Internet. Although there are new developments every day to help protect privacy  many things one can do to protect the personally identifiable information that is gathered about individual when someone surf and shop online. First, to follow some common sense rules online that will help you protect privacy and the privacy of individual family. Then, check out the growing range of new technological tools available to help to control the information sharing, surf anonymously and remove name from e-mailing lists.

A unique combination of tools and legal techniques, technical, and self-regulatory is being designed to address the privacy concerns of Internet users. (Brown M.  Muchira R 2004) Top-priority objectives include setting limits on government access to personal information, ensuring that new information and communication technologies are designed in ways that protect rather than diminish privacy, and developing appropriate federal legislation to set baseline standards for consumer privacy. This guide is intended to educate Internet users about online privacy, and offer practical suggestions and policy recommendations.