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
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.
We have grown accustomed to having the Internet at our fingertips no matter where we go. It is impressive that with less than 10 clicks we could talk, make a transaction or finish a business deal. As with anything, there are always ups and downs. The Internet is extremely useful and without it people and businesses would not be able to function properly; but along with those benefits comes a real danger, and that danger is Cybercrime. Cybercrime put simply is any crime committed on the Internet, whether it is downloading music illegally to cyber-terrorism. In today’s modern era, cyber crime is almost unavoidable, it is essential to prepare yourself and learn as much as you can in order to protect your assets. The Internet is a powerful tool that can be used for good or evil but is up to you to choose.
In conclusion Hackers started off as experts in programming and curious intellectuals advancing the limits of technology, but have evolved into a diverse world view. Additionally the shift from hardware onto software to the internet have boosted the increase in number of malicious hackers. With the emergence of new technologies so is the renewed efforts to combat the loopholes and help protect the public.
Despite investing one of top security system, and spend money to boost up their defense mechanism to meet industry standard, hackers still able to find the holes of the Target system. Target seem to run into a costly mistake in this cases. However, I believe, this mistake could be happened upon anyone, what we learn to prevent it in the future is more important. I believe, as a security standpoint, we have to look at it from multiple angles and not rely on only one defense mechanism. To succeed again the hackers, educating the workforce and assessing the human factors in not only technical but also strategy and risk management must be ensured for companies to guarding against any future attacks.
Identity theft is a term used for describing criminal that uses individual’s identity without consent. A common crime of identity theft would be identity fraud. Many of the crimes are regularly connected with money-related issues (Reyns, 2013). With technology being commonly used nowadays we are getting more dependent on it for business, financial, medical, and other forms. As a result this became a target for identity thieves as well. The Internet provides us information and accessibility, but information being stored on the Internet eas...
The external security risks of online banking have attracted wide attention. Chuang (2002) claims that external security risks are a significant problem of internet banking, and customers could face to direct financial losses because of unauthorised access (by hackers) and the infection of Trojan horse programs, which can be defined as a steal programs (Landwehr et al.1993). For example, according to a report by the British Broadcasting Corporation, compared to 2013, because of external security risks, the financial losses of online banking were increased by 48% in 2014. Specifically, on the one hand, Kujur (2015) argues that hacker intrusion is an important factor result in external security risks of internet banking. This means that hackers use the security bugs (weaknesses) of the internet banking system to exploit
With today’s technology a lot of people get their different accounts stolen anywhere from bank accounts to gaming accounts. The accounts stolen sometime mean nothing but starting something so simple over again, but sometimes accounts (such as bank accounts) are stolen and drained which is a complete set back and is nearly impossible to recover from without help. In 2012 over 431 Million people experienced some kind of cyber crime worldwide. Out ...
Hacking might be for the thrill or to steal information or take control of an application or portal by an intelligent programmers or network admins. The people or individual doing this criminal act are called “hackers”.
This paper studies endogenous diffusion and impact of a cost-saving technological innovation -- Internet Banking. The bank understudy i.e. ICBC has efficiently embarked on its internet based private banking service. The vice director of e-banking felt that the entire project was an accomplishment in terms of its schema and satisfactory quality. Here is this case he needs to expound the understandings and the lessons internalized along the entire course of the project. Moreover, there were various issues which were raised during this intellectual itinerary, which included the challenges regarding computer system implementation, Information system design and most importantly the feasibility analysis. This case deals with the fact that how he confronted the challenges and developed a plan which immensely benefited bank.
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.
These types of crimes have become a matter of importance for the consumers as well the business firms because it involves large eviction of the amount in terms of money. In these types of crimes, computer and Internet are the primary factor (Spinello, 2000). A high percentage of population is using computers in the Australia, United States as well as other developed nations. These people are much more connected with the world by the use of internet. They are using the computer for fun, business, e-commerce, e-marketing, etc.; thus, it has become an essential part of life and daily routine (Wall, 2008).
The Internet is a connection of computers across the world through a network. Its origin dates back to the 1960s when the U.S Military used it for research, but it became more available to the public from the late 1980s. The World Wide Web was created in 1989 and browsers began appearing in the early 1990s. Over the last 24 years, the Internet has enabled people to shop, play, do research, communicate and conduct business online. It has also become cheaper and faster in performing different tasks. As much as the Internet has done immeasurable good to society, it has also dominated people’s lives and brought with it an array of cybercrimes. According to Nicholas Carr in his book The Shallows: How the Internet is Changing the Way we Think, Read and Remember (Carr, 2010). He debates on whether the Internet has done more harm than good. People use the Internet daily to exchange accurate information and constantly personal data such as credit cards, passwords and Social Security numbers are travelling through the network from one computer to another. With security measures put in place on the Internet, personal information remains confidential. But unfortunately, criminals have adapted to innovations in technology, and today, more people are increasingly becoming victims of cybercrime. The Internet has had profound effects on the public, both positive and negative. In this paper we will examine how access to personal information has led to an increase in online and offline crimes. The essay will particularly focus on ecommerce and hacking.
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...
Every unprotected computer is vulnerable to a computer virus which is a potentially harming computer program that infects a computer negatively and altering the way the computer operates without the user's consent. Once the virus is in the computer it can spread throughout infecting other files and potentially damaging the operating system itself. It's similar to a bacteria virus that infects humans because it gets into the body through small openings and can spread to other parts of the body and can cause some damage. The similarity is, the best way to avoid is
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)