COMP2410 Networked Information Systems Assignment 2: Part 1 Aiden Ahn (u5458942) Sam Ye (u1111111) Introduction Zxcasdqwe Question 1 Objective: To find out the risk of customers using bank accounts and provide methods for mitigation of the highest priority residual risk. Constraint: Stakeholders: Customers (primary), the bank, thieves Assets: Money Threats & vulnerabilities The nature of all these threats are caused by unauthorised person to access the data that they don’t have the right to view/alter. • Pay by tap credit cards: This is a permanent physical data storage mean where all credential data is on it, it’s kind of like a black box container where you can use the information store on this piece of object, since this kind of object is easy to steal by an entity, therefore it should be considered as a threat. • ATM: ATM is a physical embed-in device which is to be installed on the wall as part of the supporting infrastructure, despite of the fact that is unmovable, it is possible that any third party scam devices is installed on the it by an intruder, such device includes hidden camera, fake PIN pads and card skimmers. These data collection devices can retrieve your personal private information quickly if you trigger them by the way they want. • Online bank: Since this process is done by the internet, then various of threats can be caused. • Viruses/Malwares: This includes downloading a spamming software (malware/backdoors), open unknown source emails
The section above traced the evolution of the banking industry’s adoption of IT based innovations with the aim of offering a suite of products and services to delight their retail and corporate customers and to gain cost reduction and market share. Whilst these developments have grown the market universe exponentially it has also created opportunities for crime syndicates and fraudsters to take advantage of the wider canvas and customer ignorance thrown up by the variety of online banking applications. According to Financial Fraud Action UK (2014), in the first six months of 2014, losses on remote banking fraud rose to £35.9 million, up 59 per cent from 2013 in the U.K. Online banking fraud comprised £29.3 million of that total, up 71 per cent from 2013. This has made the online banking service retailers sensitive to the erosion in their profits as well as the increased levels of anxiety in customers. To arrest this trend the banks are constantly endeavouring to evolve their payment and transaction rules in the hope of thwarting the criminal and fraud activity and to stay ahead. The fraudsters are never far behind as they constantly shift their focus from the well defended to less defended targets or the weakest links in the market. With time to market pressures the banks often launch new products and services without adequate safeguards or defence. Indeed, the newness of the services, and the unknowns about how
As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to
ATM machines with exorbitant fees have been thought to be acting as highway robbers, now they may even have a thieving companion; Card scanners. By stealing the information off the credit card as it is swiped the consumer is not even aware they have been attacked. Even if the consumer is careful to hide their hand as they enter the PIN in order to withdraw money from an ATM, the larcenist might still have a hidden camera or card reader to steal the card information. Erin Lowry, a content director for a popular magazine was a victim of two different attacks on her credit identity; she had $600 stolen from her account after using a shady ATM with a hidden scanner inside. The use of a low security ATM is a consumer error, but with everyday stresses sometimes common sense is abandoned in place of convenience. Larcenists will place these scanners inside ATM’s located in low socioeconomic areas with the intent to instantly copy the card numbers onto an embedded micro storage
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
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.
“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.
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
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
Online banking has become popular in this 21st century that online banking safety tips should be considered as a very important aspect of online banking if you don't want to fall victim of online fraudsters who are looking for whom to defraud.
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.)
. 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
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.
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:
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