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 system can be compromised no matter what, impossible means it hasn’t done yet in 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. HDFC has identified its mission as becoming “a world class Indian bank” as good as it sounds from business perspective, hacker find this fun to break down. It will inevitably become a target for sophisticated attacks. HDFC is already having technology-intensive system in place to analyze transactions and assign risk rate to them, the higher the rate the more chances is a fraudulent. It is providing cool-period for transaction to be fully completed, it is using standard checks such...
...only hear about the different ways that criminals are committing electronic fraud such as hacking in to somebody’s computer and stealing their credit or debit card information. There are also cases where peoples identities have been stolen and whole other lives have been built on them by another person. It all started with check fraud and although it’s not talked about as much anymore, it is still a very large concern for most business owners and people like you and me. The tips that have been provided for us can help protect us from fraud, but it is up to us to take the extra steps to prevent check fraud. We cannot sign up for check fraud protection the same way we could for credit or debit card protection or to help protect ourselves from identity theft. There are processes in place to help us once we’ve experienced check fraud but it is up to us to avoid it.
American Express has become one of the leaders in credit and debit card transactions of the financial world. As the most innovative company in the business, they were the first to develop a large-scale traveller’s check. Over the years the company became more of a financial company and with the advent of consumer credit and debit cards they became a major player in supplying this service to it's members. American Express produced a niche market of "card members" to fit the needs of various financial desires. American Express has had to diversify it's products and services over the years to stay competitive with Visa and Master Card, who still control over 75% of the market share. The "elite" consumer still carries an American Express card, and the services and extra benefits associated with "being a member" are still an attractive bonus to many users. With it's financial services, travel business, and it's new Internet business sites American Express continues to grow and even through the recent meltdown in the financial markets they have seemed to emerge as strong as ever and will remain competitive through the 21st century. Once appeared as a travel service company associated with entertainment expenses, and even had several celebrities appeared in their advertisement campaigns. However today it seems as though the company attempts to convey that their service provides an easy and rewarding spending experience.
I found three different e-commerce companies that have recently encountered a consumer privacy data breach. Target one of the most well-known breaches affected almost 40 million people, Evernote Corp., an online note-taking service, and LivingSocial, a company that offers gift certificates for customers to use in different cities around the globe. In this paper, I will be discussing what happened and how each company handled the different situations that they encountered. Target is one of the biggest and leading companies in the retail market. “Target’s customer credit and debit card information of as many as 40 million customers was compromised, which was called one of the largest breaches ever of American consumer data.”
A weakness of the bank is the fact that it did not invest in higher technology for its banking system. The bank was running off an old school server system where a Teller would have to put in a three-digit code to do any transaction for its customers and this was a very out dated practice that almost no larger banking organizations used. Money orders and cashier checks were also printed in an out dated traditional type of printers with ribbons and manual mechanisms. Other banking competitors had adjusted to a
The Bank also said that they are going to refund the money to all the customers that were affected by the fraud and that they are also willing to pay all the penalty fees. In my opinion, giving the clients, their money back is a good start good but that is only an external fixture. In order for them to fix the problem from the root, they need to work on it internally too.
Certainly, the most targeted institutions where fraudulent activities seem to be a promising “career” are the banks. The institutions for example in US lose approximately Sh.15.5 million on a daily basis in a multifaceted fraud, which has persistently threatened the growth of the banking sector. The shocking revelations by the independent analysts, as well as, the bank fraternity indicate that innovative fraudsters have now employed the uses of various advanced means to...
Banking fraud covers a wide range of areas that include cheque, credit card and online banking fraud. All areas are susceptible to fraudsters; some more likely than others for example online fraud is more popular than phone banking fraud due to technology advancements in the last decade.
Identity Fraud is a serious issue nowadays, and with all this new technology and electronic software it is becoming very easy to access your bank account, send and receive money, and even has pretty good security, but with all the security and protection the hackers are bypassing the systems and depositing a lot of time to withdraw all the innocent people’s hard earned money and steal all of it.
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.
Offshore banking is the action of having a bank account outside of the country of residence. Since its start, offshore banking has become a considerably lucrative business. Many of those who take part in offshore banking are looking for a secure location to place their income or seize the opportunity of having lower taxes. However, there are those who misuse the privilege of a foreign bank and use the business ventures for illegal actions rather than the original purpose of the dealings. Offshore banks seem to have an impartial acceptance of quite a few clients within the bank that create a lower standard of ethics in contrast to the ethics meant to be held—this includes those of a political position. Furthermore, this has the potential to be detrimental to the economy.
A bank or banking company which is registered as a company, being a body corporate, could not have a mind of its own so as to form the mental element of cheating. A banking company functions through human agents.
...ing the first half of 2007 has revealed that the study found the banking industry as soft target for phishing scams in India.
This paper includes the process of online business; how to sell a product, advertising, various ways to create awareness and how to become a reseller. Laws and conditions for an online business.
As the nature of correspondent banking is typically a non-face to face business, it is very difficult to identify and verify the underlying customers. Unable to identify the purpose of the transactions and hence this is considered to be the high risk business for a bank and the banks which are undertaking this business should comply with ML regulations laid down by the regulators. Banks are required to perform enhanced due diligence to mitigate all the risk associated with correspondent banking
Never have I ever climbed a mountain peak. As a child, I imagined myself conducting expeditions in deep-frozen pathways, leading amateur explorers to the top of the world, and instructing rookies in surviving harsh blizzards. Even though slightly altered, my childhood dream has been achieved. I led a team of fellow classmates, in my Strategic Management course, to the success summit of a financial competition. Over the course of a semester, I and my teammates were supposed to create and manage a company of the IT industry, in a computer-simulated environment, along with other four rival teams. I dealt with strategy and financial matters of our virtual enterprise, while my colleagues were working on marketing and manufacturing. During the four months of the exercise, I have experienced finance from various aspects: capital budgeting, through selecting favorable investment for upcoming quarters; debt management, by assessing the necessary amount and efficiency of loans; profitability analysis and dividend policy, which had been used to compile the company’s general performance index. Working in a multinational team, which included an American, a Norwegian and a Moldovan, strengthen my negotiations skills, as well as flexibility and cooperation. But above all, this experience intensified my passion for finance. Of course, a pleasant bonus was the fact that, in the end, our company’s financial performance was six times the performance of second-best team.