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Essay on e-banking
Essay on e-banking
Essay on the importance of e-banking
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Abstract
E-Banking is a recent phenomena emerged after Internet Evolution .Internet has changed our lives in a numerous ways it has brought our world closer and made us close to the things which to due to geographical boundaries were far from us. Apart from making flow of information and communication easier for us Internet helped in significant evolution in the sectors like Commerce and Banking. E-Banking is the backbone of the E-Commerce industry worldwide. Due to payment by E-banking we are able to trade cashless with online retailers. Development and Growth of E-commerce is due to online banking . E-banking has significantly accelerated the Capital Formation and Growth of the Economy . It has made small business and new start up at par
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Crimes related to Internet is known as Cybercrime .Online banking is a series of processes in which a bank client logs on to the Website of the bank through the Web-browser that is installed on client‟s Personal computer and carries out various transactions such as account transfers of cash, bill payment, saving account and current accont inquiries etc.
Advantages of E-Banking
● Due to the absolute transparency of the market, customers can compare the services of various banks easily. If customers are not dissatisfied with the products or services offered by a bank, they can change their bank easily than in the real bank-client
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● An attack might be in form of an unauthorized access tovirtual indentity, its destruction, corruption or alteration of data or information or any type of malicious procedure to cause network failure, reboot or hang of system or server as result threat to security and secerecy.
● Modern security techniques have made cracking very tedious but not impossible therefore security is very important..
● If the system is not configured properly or the updated software patches are not installed then hackers may crack the system using security loophole.
● A wide range of info regarding internet security loophole and their fixes is freely available on internet.
● During the E-banking process prevalence of malicious applications and software that steal financial account information has increased drastically over the last few decades, often resulting in victims losing their money.
● The hackers tend to target the weakest link or security loophole whether it is host computer or bank’s server or banks website.
● Once the attacker has control over a users computer he or she can take advantage of the situation by misuse of that
Privacy and security issues have become one of the top concerns among computer users in today’s market. It has become a game of survival of the fittest in protection of your security. The only true way to defend yourself is knowledge. You should prepare your self against hackers, spammers and potential system crashing viruses and web bugs. Lets focus on how you can protect yourselves from the would be thieves.
This cyber crime is a security threat that not only affects businesses, but also everyone that has access to the World Wide Web whether it is via computer, laptop, smart phone or notepad. In order to achieve a successful breach, criminal masterminds often attempt to illegally gain access to the business through multiple targets while combining them with vulnerability tools via web access, e-mail, and even social engineering. In the recent breach to the retail store Target Inc. it was discovered that over 110 million consumers’ credit cards and personal information were exposed to attackers. Several months earlier, programs with malware-laced email phishing codes were sent to Target employees via an HVAC firm which could have been the culprit that infected Target’s point-of-sale systems. According to Fox Business, the attackers used the information gathered and gained access to additional network resources which led to the $200M breach and left the cyber door wide open to future infiltration.
There are different types of computer crimes that many people become victims of every day. Computer crime is any crime that involves a computer and a network. The computer may have been used in the commission of a crime, or it may be the target ("Computer Crime: Chapter 2: What Are the Crimes? ", n.d.) - " Crimes such as data diddling, pump and dump, social engineering and spoofing are computer crimes. Even though these crimes are difficult due to privacy issues, the new technology has made investigations and prosecutions well organized and effective.
The use of hacking to identify weaknesses in computer security has become an increasingly controversial issue in recent years. Awareness of this issue is important, because our ever increasing reliance on technology means that breaches in computer security have the potential to have wide-ranging and devastating consequences to society, worldwide. This essay will begin by clearly defining the term ‘hacking’ and will examine the type of people who hack and for what reasons. There will then follow a discussion of the moral argument on hacking before examining a few brief examples. The essay will then conclude by arguing against the use of hacking as a means of identifying weaknesses in computer security.
Any crime that involves the use of a computer and a network is usually referred to as cybercrime. Along with the benefits of the electronic and data processing machines, computers, comes the dangers of them. They could be used the tool of the crime or it could be the victim/ targeted. One of the most common cybercrime committed is computer fraud, which is defined according to encyclopedia as “any technique aimed at manipulating information within a computer system for the purpose of illicit, usually financial, gain”. In the case of the RBS WorldPlay, the computer fraud committed led to ATM and payment card fraud.
How did this happen, it was because many countries in increasing their technology of military did not recognize the importance of protecting the IP, especially IPs in the companies or countries networks, it then made the hackers from countries who has interests for the IP could easily break the network security and steal the
Another pivotal issue was that of the multichannel integration—call center, branch, ATM, and Internet—which is immensely important for large financial institution like ICBC to attract and retain customers with the promise of “anytime, anywhere” account access. Customers are eager to have the kind of flexibility to use whichever channel is most appropriate at a particular time. Continuing with the same point the, ICBC was also concerned about the relative penetration of the existing as well as new customer base to gain access to the banks new technological proposition.
Every day millions in some cases billions of dollars are made by businesses from income brought in by online sale of products and services. As businesses continually develop and expand their client base with online products and services so does the desire by criminals to exploit vulnerabilities in their e-commerce setup. The mass worldwide internet usage growth within the last 20 years has been “an approximate 16 million users in 1995 to an estimated 2,937 million in March of 2014” As the importance of e-commerce increases so does the need to protect the technological infrastructure that will carry out online transactions for each business regardless of its size. I will attempt to highlight and review the history of a few cyber crimes to show the progression of the crimes within the last 30-40 years. I also plan to review how the economy and consumers are impacted by cyber crimes. Finally I will make an effort to contribute with information gathering on how to lower the risk of a cyber attack from and individual user to a large scale business.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
Every day, citizens are constantly losing money and being victimized due to these fraudulent activities. Cyber crime, including fraud, identity theft, stalking, and hacking, is a growing problem that can be prevented by taking the proper precautions. The biggest cases of cyber crimes are cases of fraud. Online fraud comes in many forms. It ranges from viruses that attack computers with the goal of retrieving personal information, to email schemes that lure victims into wiring money to fraudulent sources” (What is “online fraud”).
There are different motives of hacker for hacking. Some wants to be famous while some of them want to make your life miserable. The most common motives of malicious hackers to hack are revenge,
Computer crime is a type of crime that involves computers and a network. These crimes are also referred to as cyber crimes. In this type of a crime, the computer can be used to commission the crime or the computer or the network itself is the target for the crimes. These crimes have been in the rise in the past few years. People are committing crime in the internet using computers while hiding their identity. They do this because it is difficult to trace them to their areas of hiding. These crimes target people or business. The main aim of the criminal is to intimidate their target because they have managed to access their information or they can use the information to black mail them.
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
Electronic Commerce as popularly as E-commerce has become a big deal in our growing economy due to the increase use of online systems. E-commerce now of the fastest growing business in the world. The technology has change the way of business. Business that have physical location have now made it an effort to focus their online business. It is the new sort of business platform where you can make use of different technologies like electronic data interchange or transfer document electronically. Online business is an effective of sales.
As the internet has evolved it is now a part of many people’s daily lives and with that, many could not function or conduct their daily business or lives without it. It is impressive that we can now communicate and even see someone all the way across the country with just a few clicks of a mouse. But as technology changes and progresses seemingly for the good, many will always find ways to exploit technology and use it with the intent of committing crime, turning a positive tool into a negative one. As such the negative side of the World Wide Web, cybercrime has evolved as just one of the major disadvantages of the internet. Cybercrime itself is a broad term and can and does include any crime that is committed via the internet or computer network including seemingly minor acts as downloading music, to denial of service attacks, to even acts of cyber-terrorism. With the newly formed threat of cybercrime has also come new ways for law enforcement to attack and prevent it as well but with limited resources not much can be changed but to continue to prevent new methods from approaching the cybercrime world. This is not only just in our own neighborhoods but is at an international scale. This paper generates the insight about the overall rise of cybercrime among our societies. The main focus of this paper is to describe the types of computer crimes and its effects on individuals and businesses.