Impact of security factors towards E-Banking usage intention in Malaysia

Internet banking is a system that enables users to conduct standard banking activities such as balance inquiries, money transfers between accounts, and utility bill payment without having to visit a bank (Mahiswaran et al., 2016). According to Rubana et.al. (2016), Malayan Banking Berhad (Maybank) was the first bank to offer online banking services to the public after Bank Negara Malaysia enabled all locally held commercial banks to do so. In Mahiswaran et al. (2010) stated that customers can only use online banking if their bank is registered under the Banking and Financial Institutions Act 1989 (BAFIA) and the Islamic Banking Act 1983. Many other banks have followed Maybank Berhad example in offering online banking services in order to obtain a competitive edge over their competitors and vie for market dominance. The tremendous expansion of online banking use has been fueled by increased deregulation and globalization, as well as considerable impetus for rationalization, consolidation, and a greater focus on costs. As a result, the issue of security safety is critical in warding off internet banking.