Electronic Banking Sector : Vulnerabilities, Threat And Impact On E Banking

Online bank: Since this process is done by the internet, then various of threats can be caused.

In this paper, I will identify security threats that Bank of America faces today. In addition, I will describe the techniques and processes used to identify the vulnerabilities and threats, describe risks to the information and related vulnerabilities within Bank of America when utilizing components of the web. Discussions on BoA safeguard against legal issues will be addressed followed by the types of social data that potentially cause problems for this bank institute. In conclusion, I will explain the legal, ethical, and regulatory requirements Bank of America utilize for the protection of the organization.

Internet Banking (Internet banking): Computerized service that allows a bank’s customers to get Internet with the bank via internet or telephone lines to view the status of their account(s) and transaction history. It usually also allows them to transfer funds, pay bills, request check books and so on (Business dictionary., 2011)

These hackers threaten our security and confidentiality every day by getting unauthorized access and stealing our most valuable or sensitive information. Privacy and security concerns are not unique to the bank industry; they are spread to personal information such as health or employment, and other e-commerce transactions. The protection of this information has to be ensured by the company or bank in order for customers to continue the relationship with such.

To summarise, I have researched the history of Lloyds Bank, the general overview of how the organisations information security is maintained and what methods and procedures they have in place. I have talked about the security risks and how the bank can ensure that their company is fully secure and how they can certify the protection of their customers.

Nowadays, most people are familiar with new technology development of electronic banking systems. Its not only provide the basic services like fund transfer and bill payments, but also doing the advance including provide the loan and card application. Electronic banking can define as the use of electronic delivery channels for banking products and services. Electronic banking services generally offered in two ways either traditional bank that is combine traditional and electronic delivery channels or virtual bank that operate entirely through electronic banking channel without having a branch network. It makes the business operational more efficient, faster and easier

Attacks or intrusion attempts on banks’ computer and network systems are major concern. Studies show that systems are more vulnerable to internal attacks than external, because internal system users have knowledge of the system and access. Banks should have sound preventive and detective controls to protect their Internet banking systems from exploitation both internally and externally.

There are several Research Design techniques that can be used to identify customer perceptions about internet banking and also service problems such as debit card fraud and loan issues. A survey was implemented to find out how well customer perception about e-banking leads to various banker’s function and the studies have found that the exploratory research was used in order to identify all problems

Most organizations incorporate information technology of some kind. The most fundamental factor in the use of technology is appropriate security of the system and information that is transmitted. The confidentiality, integrity, and availability (CIA) triad is a framework designed to protect information from being disclosed, modified, or accessed by unauthorized parties (Hansen, 2012). Using the CIA model, the security systems of Bank Solutions (BS) were evaluated with proposed recommendations and implementation timeline.

E-banking has advantages for both banks and customers. The Internet provides the banks with the ability to deliver products and services to customers at a cost that is lower than any existing mode of delivery at their door steps. There are also numbers of

In response, financial institutions, who once viewed technology mainly as a cost center, now see the Internet and other technological capacities as strategic tools for enhancing the value of customer relationship through cross-selling and improved customization. A recent survey of bank managers in the United States reported that, for the first time, investment in Internet

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

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

Financial institutions continues to be challenged by the inherent risks that are associated to the loss of customer data through the compromise of security controls. As Information Security continues to grow, the lack of effective security controls such as authentication continues to one of the key components leading to data breaches across all industries.

Characteristics in the Banking Environment: Positive and Negative Impact of Information Technology in Banking: Trends in Banking: How Sectors can affect Banking and Technology: Works Cited: