The convenience of online banking also has its drawbacks. So far, there are a total of 191reported cases of cash withdrawals from online bank accounts in Japan from April to December 2007.

Records show that the nine-month period alone is double that of the 100 reported cases of the previous year. According to the Japanese Financial Services Agency (FSA), the increase online banking fraud is somehow caused by popularity and availability of online banking services in the country.

It is the person's responsibility to take care of their log-in IDs and passwords. Such information can be easily stolen if not careful. Phishing and unsafe Internet practices are some of the causes of such fraud. (More tips on how to protect yourself against Identity theft)

The FSA assured that it will implement more strict countermeasures to combat the increasing incidents of online banking fraud. Online banking offers many advantages over the traditional way, but much care must be observed when transacting online. If you enjoy reading this article, might as well read The Guide to Online Commerce Banking.