1. INTRODUCTION:
Today’s society is totally dependent on automated financial services such as wire and online banking. During the recent years, we are hearing that the fraud has evolved in wire and online banking fraud, many new types of mal-ware being deployed on those banks which have yet to put robust solutions. While online banking fraud has been around for many years, very few cases has been filed .Reports of fraud cases nearly explode and banks are looking for ways to protect their channel in online banking. Most schemes of online banking fraud which involves two steps. Initially the criminal obtains the customer's account access data, which involves logon name and password. The next step the criminal uses this information for money transfer to other accounts and withdrawals the funds. All such fraud cases are approached and many prevention measures are about to implement throughout the world.
2. WHAT HAPPENED IN THE PAST:
Intruders are using some new techniques such as malware activities to undergo wire banking frauds. A ...
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...
Washkuch, Frank, Jr. "Rootkits, Blackmail Scams on the Rise." SC Magazine. Haymarket Media, Inc., 13 Apr. 2006. Web. 30 Apr. 2014. .
Jalal Hafidi MIS5206.001– HDFC case analysis 1 1. What, if anything, should HDFC do to make existing customers more secure? First of all, all systems can be compromised no matter what, which means it hasn’t been done yet in the IT field. HDFC is still fairly new in the market, with the technology trend, online banking will be the most challenging and vulnerable part of the game. HDFC seems to have pretty strong security system and procedures, however, its models still haven’t matured yet, leading to maybe inconvenience to the customers and/or an opportunity for hackers to test and dust off their hacking skills.
Having first appeared in Russia in 2005, referred as Winlock, that successfully scammed over £10m from unsuspecting victims before the Russian authorities arrested 10 individuals for involvement in such hackings in 2010, however it hasn’t stop the growing number of the problem. With such profitable money to obtain, perpetrators have discovered new ways to spread the malware and to cash-in at the expense of victims.
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.
Woda, K. (2006). Money laundering techniques with electronic payment systems. Information & Security International Journal, 18, 27–47.
The ability to conduct warfare through technological methods has increased information security awareness and the need to protect an entities infrastructure. Subsequently, cyber warfare produces increased risk to security practitioners that employ technology and other methods to mitigate risks to information and the various systems that hold or transmit data. A significant risk to information lies in the conduct of electronic commerce, hereinafter called e-commerce. E-commerce is the purchasing or selling of goods and/or services through the internet or other electronic means (Liu, Chen, Huang, & Yang, 2013). In this article, the researcher will discuss cyber warfare risks, present an evaluation on established security measures, identify potential victims of identity theft, and present an examina...
ATM hacking has become more and more prevalent in society today. The more technology improves the more fraud is done. The U.S alone, has fallen victim to ATM hacking over the last decade.
This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...
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.
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”).
For years, cyber criminals have been using bank statements, discarded credit cards, tax invoices and other bills (normally found in trash) to gain access to personal information and assume false iden...
Cyber crime has become an important concern for not only the business firms, government, law enforcement agencies but also for the common people because these kinds of issues are related to the consumer’s day-to-day activity (Polivanyuk, 2005). Due to these types of crimes, consumer’s money, children, business organization’s integrity, consumer and company’s privacy, etc. are in danger.
...ng to many individuals who have suffered from hacking, phishing, scams, identity theft, fraud etc. Computer crime describes a very broad category of offenses, which include anything that requires an electronic device or the Internet. Cybercrime is now a global issue and it has a major impact on every individual or business that interacts with technology and the World Wide Web. When important information is stolen, not only are individuals at risk of becoming part of greater crimes but it can also affect an entire country when its national secrets are stolen. In the end I may conclude that computer crime is a dangerous crime that all individuals should be aware of due to the many devastating results it can cause. Cybercrime cannot be stopped due to the high levels it has reached, but immunity can be used to keep safe from it or at least keep individuals less at risk.
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)