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In this era of globalization, information security is becoming more important because the world is becoming highly interconnected with the Internet. At present customers can do banking online which is easy and time saving and at the same time they are vulnerable to threats. This paper seeks to investigate the current debate regarding the threats and vulnerabilities of the information security of online banking and to study some possible remedial actions to defend the threats. The aim of this research is to flesh out and critically analyse data and findings from the research dedicated to the online banking and its information security problems. This would lead to (1) outlining the overview of online banking and its information security system, (2) investigating the specific threats of online banking regarding information security, (3) justifying the role of information security threats in financial losses and the acceptance of online banking by the customers, (4) searching for the critical success factors, and (5) forecasting some possible solutions in the near future. The research finds out the threats of information security of online banking with some real successful fraudulent activities happened in the past and proposes different security measures that can be taken to protect the internet frauds. These measures will help customers to develop awareness by education and training, and improve online services provided by the banks which could develop a safeguard against the frauds by the policy reengineering and using advanced unique technology.