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Since the introduction of internet banking to the banking sector, many users have discovered hard ways that their use of e-banking can place their financial data at risk. Therefore, security has become a frequent concern for both banks and users. A phishing attack refers to any modus oprendi to trick customers into thinking that their financial institution is requesting information from them, when in reality, the request is coming from the hacker. Phishing leads to online identity theft, because it involves an unauthorized individual or group stealing confidential data. Unfortunately, phishing attacks are among the most common criminal activities that have been conducted by hackers, since the introduction of internet banking. The objective of this research is to investigate how phishing hackers attempt to steal users’ data and conduct financial fraud. In turn, it explains how bank users can secure their online transactions with security solutions.