Questions On Networked Information Systems

Financial institutions work with a large amount of data, often sensitive information. The computer software banks use are quite complex, which makes them a target for fraud and

This article is about physical security failure on securing electronic data. The burglary of credit card data has turned into a typical issue today. Indeed, even after the lessons gained from the Target information breach, Home Depot's Point of Sale frameworks were traded off by similar strategies. The utilization of stolen information and RAM scraping malware were instrumental in the achievement of the two information breaks. Home Depot has found a way to recover from its information rupture, one of them being to empower the utilization of EMV Chip-and-PIN payment cards. Is the utilization of EMV installment cards fundamental? If P2P (Point-to-Point) encryption is utilized, the main strategy accessible to take installment

No matter what precautions are taken, credit and debit card fraud will remain an enemy to hard working consumers everywhere. Credit card thieves can use a variety of methods to attack the consumer. ATMs can be used to steal information from a debit card transaction. Online predators can steal credit card information through a click of a button. Stores can also be targeted through the use of data mining in the magnetic card readers. Persistent consumer vigilance is needed if credit card theft is to be avoided.

There has been countless numbers of ATM hacking taking place, having billions of dollars loss and innocent people now in debt. ATM hacking has really proved to be effective and has become a major success for criminals. In the article, “Hackers Devise Wireless Methods for Stealing ATM Users' PINs”, author Jordan Robertson, speaks on how ATM hacking has had a major effect on the U.S and U.S citizens.

In the case, the hackers used firms’ secured information of financial transaction at the point of sale to copy fake card information for their own use. They would be able to make large purchases using the data on the cards. The only information the hackers would need is the technology to gain access to the firms’ information system, card numbers, and a method copy the cards.

For the future researchers the findings of the research study would provide basis for the conduction of future researches about risks on electronic banking.

Besides opportunities of this channel, banks and financial institutions across the world face new challenges to the ways they operate, deliver services and compete with each other in the financial sector. Driven by these challenges, banks and financial institutions have implemented delivering their services using this channel (Chan&Lu, 2004; Cronon, 1997). Internet banking refers to the use of the Internet as a delivery channel for banking services, which include all traditional services such as balance enquiry, printing statement, fund transfer to other accounts, bill payment, and so on, and new banking services such as electronic bill presentment and payment (Frust, Lang&Nolle, 2000) without visiting to bank branch (Mukherjee&Nath, 2003; Sathye, 1999). Many commercial banks and financial institutions have implemented Internet banking services over the past decade. Compared with traditional over the counter banking, Internet banking does not offer face-to-face contact in what is essentially a one-to-one service relationship with the individual. As a result, Internet banking must deliver higher quality in order to compete. Understanding customer’s expectations and how they feel about their perceived services is becoming a very serious concern. Internet banking continuous success comes from two groups: new customers and repeat customers. Since it always costs more to attract new customers than to retain

ATM is a safety-critical and real-time system and is part of a large banking network. The ATM is

Having done an exclusive audit on Bank Solutions’ operations and process protocols, several security loopholes were realized and inevitably are great threat-posing factors to the institution. Responsively, new technology and security measure have to be implemented in order to fill the gaps and heighten security standards in order to enhance customer privacy, information protection, the institution’s credibility and generally adherence to the standard security policies and controls.

. Bank fraud has been around for decades but what differs in todays banking fraud is the rise in phone scams in the banking field. In today’s society business and everyday banking needs are being taken care of either over the phone with call centers or with the use of an app. This leaves vulnerability for scams to happen because the employees of the call centers are not fraud experts so they cannot tell when they are being swindled. Using this issue

Led an initiative to help a large US regional bank assess its wire transfer and ACH operational risks across their central payment operations, treasury operations, retail branches and commercial cash management groups. My project team assessed the bank’s operating model against industry leading practices and identified more than 75 operational and fraud risks to address in the bank’s channels (e.g., digital, telephone, store), payments and fraud processes and technologies (e.g., business unit

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

The IPv4 has run out of addresses due to the rapid growth of number of devices connected to internet every year. Thus, IPv6 is in needed. IPv6 uses 128 bit for providing space for addresses whereas IPV4 uses 32 bit addressing which results in IPv6 having a very large increase in the availability of IP addresses and creating a lot of advantages(Reddy et al., 2012).But the advantage of IPv6 over IPv4 is not limited to this point. There are many other points that prove that IPv6 has advantages over IPv4. Some of them are as follows:

“The hackers use those footholds to crawl through corporate networks until they gain access to the in-store cash register systems. From there, criminals collect payment card data off the cash register systems and send it back to their servers abroad”. (Perloth, N. (2014, August 22, P6). This has led to fall out both from the public as well as industries scrambling to fix the situation before it gets any worse.

The increased use and exposure to the Internet has created new opportunities for financially motivated cyber criminals who seek to target unknowing victims. Organized criminal groups have also been found to take advantage in the advancement of technology to facilitate their illegal activities, to commit both traditional crimes such as theft and fraud and also new crimes enabled by advancements in technologies. Furthermore, the anonymous nature of the Internet means that it is difficult and costly to trace down to the source of these crimes. Online criminal offenders range from individuals to sophisticated criminal networks driven by personal and financial gain. Over the years, banks have introduced many customer centric platforms with the aim of enhancing efficiency and the way their customers conduct their transactions with convenience (Vrancianu and Popa, 2010, Vranci u, M. & Popa, L. A 201 . Considerations Regarding the Security and Protection of E-Banking Services Consumers’ Interests. The Amfiteatru Economic Journal,1228: 388-40.)