The speedy advancement of Internet business has stirred-up the banking and financial sectors towards encouraging customers to embark on banking on the internet. On the other hand, confidentiality, security, and privacy of online banking activities and users basic information are the main concerns for both the online banking customers and to the banking industry. In this study, we investigated security on Nigerian’s internet banking platform of 10 selected financial institutions in Nigeria. The research finding uses a modified security checklist to analyse the security features and reliability of the Nigerian’s selected banking industry. The results shows sufficient strength in all the basic security features available on the various internet banking platform, however, few of the platform are not sufficiently fault tolerant built.