Despite being closely linked in practice, privacy, risk and security are perceived as separate issues by online users. Therefore, in this article the relationship between various privacy factors (factors that influence users’ privacy concerns), risk and the perception of security protection during users’ online activities are discussed. The role that perceived privacy, risk and perceived security have on the internet service users’ evaluation of a service is investigated. The study population comprises of bank customers at various locations and branches in Ondo state, Ekiti state, Lagos state, Kwara state, Kaduna state and Abuja respectively. Random sampling technique was adopted in the study for a total sampling size of two hundred (200) bank customers through a well-structured questionnaires which were adopted and remodified. Descriptive and inferential statistical tools were used for the analysis of the retrieved questionnaire such as frequency, percentage, correlation and regression analysis respectively. The correlation between variables indicated strong positive correlation between variables; the correlations are significant at .01 which are within acceptable confidence level. The model however, displayed a good fit and the null hypotheses were therefore, rejected and it was concluded that there is significant relationship between customers’ perception of privacy, risk and security on internet banking.

Keywords: Banking Industry, Internet banking, Risk, Security, Privacy.