Legal, Ethical & Regulatory Issues The online banking industry is a growing and a continually evolving business. This paper will identify and describes the legal, ethical, and regulatory issues that impact online banking the Websites. Business ethics examines ethical rules and principles within a commercial context involved in e-commerce are faced with the same if not more legal issues as any other business; these issues include, but are not limited to jurisdiction, contract, and legitimacy in the banking.
Banks such as Wells Fargo, Wachovia, and Bank of America using Websites to conduct electronic commerce should adhere to the same ethical standards that other businesses follow." (Schneider, 2004). Ethics play an integral role
…show more content…
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.
The bank industry is a pioneer in handling security and confidential information of customers. By protecting their customers they protect themselves as well. Bank of America, Wachovia and Wells Fargo banks are very careful with the information and security management protecting it is their main goal and commitment as they all express it in their websites and in the face to face banks. The banks try to provide the best service in every aspect and they assure customers their responsibility toward the protection of the customer accounts going beyond their face to face business, it is maintained over the phone and online as well.
Bank of America, Wachovia, and Wells Fargo guarantee online security, in the case a customer reports fraud within 60 days of the incident, the bank compromises in refunding 100% of the amount to the bank account. The security of the consumers depends on the consumers as well, they expect customers to take some steps to prevent fraud like protecting passwords, installing a
Internet banking refers to an online facility which provides an alternative channel for delivering banking or financial services and enables individuals to access their accounts anytime and anywhere through a bank’s web site (Z. Liao, Z., and M. T. Cheung, 2012). In other words, online banking named as E-banking, internet banking or virtual banking. Generally, the operation of online banking is connect to the core banking system designed by bank and then contrast to branch banking which refer to traditional way of bank customers accessed to banking services. Nowadays, internet banking is one of the most important businesses in electronic business around the world (Ariff et al, 2012). Most of the conventional banks have to operate and provide the online banking service to their customers as needs by
Shadow charts were developed to gather data and information for additional departments and medical personnel that need access to part of a patient’s file or records. The original records should always remain in the patient’s primary chart allow copies may be available to ancillary departments that may need access to the information. The same level of confidentiality and security applies to the shadow charts. They must be in a secure location with access by authorized personnel only. Additional information that should be included in shadow charts is a formal recording process to document those who access the information. Furthermore, a consistent system of upgrading the
Furthermore, online banking is beneficial for consumers to save time to transfer their funds. For example, transfer account through online banking does not
Bank of America is one of the largest banks in the nation. It is a multinational company and it is recognized by its high revenue value. Unfortunately, Bank of America has endured many complaints and harsh views regarding their lack of ethics. Ethical issues occur when there is a blatant disregard to implement integrity, trust, and responsibility. In some financial institutions, ethical matters are displayed in the way the consumers are treated. Within the past nine years, Bank of America has diminished all of their ethical promises by revealing customer information without their permission; discriminating against consumers based on their race; and manipulating overdraft fees in order to benefit the bank. In order to assess these problems, it is vital to recognize what Bank of America claims to stand for and determine where their most concerning issues are generated from.
The World Wide Web has changed our culture in so many ways. People are able to do so many activities over the World Wide Web, it is unbelievable. You can pursue a degree through online universities, communicate with users around the world, purchase goods and services online, and yes, you can bank and pay your bills online. This new technology has enabled us to make payments, maintain a checking/debit card account, balance transfers, all via the web. You can maintain your entire financial portfolio through online banks that provide this feature. There are online banks that can provide interactivity between popular financial management software programs, such as Quicken and Microsoft Money. When using
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.
their management processes, structures and policies help ensure compliance with laws and regulations and provide clear lines of sight for decision-making and accountability (“Code of Ethics.” 2011). These disciplines, though, together represent just one dimension of governance. The other dimension is corporate culture of Bank of America Corporation (“Code of Ethics.” 2011). Bank of America corporation culture must be championed by leaders and sustained by every associate.
Within healthcare, practitioners often have to make difficult decisions regarding the care of their patients. This could be to do with giving or withdrawing treatment, or as simple as sharing risk information (Glover, 1997). Ultimately, the practitioner must be able to rationalise any decision they have made (Morrison, 2009). With this in mind, the following assignment will draw upon an ethical dilemma and explore how theoretical perspectives can be utilised within the decision making process. Therefore it will also be pertinent to draw upon the law, and how this influences actions within health care. To facilitate this discussion, I will identify a scenario from practice that
Many people are starting to elect not to receive hard copy statements from any of the businesses they conduct business with. Many businesses offer discounts to those who opt in to receive their statements online. This saves the companies money and is more convenient for the customer. This can also pose a security risk for the customer. Banking online requires a username and a password and many times those are too easy to guess or steal from a phishing
Cyber-Security risk will only increase in importance and require ever greater resources. As a Financial institution we store an increasing amount of data about their customers, the exposure to cyber-attacks is likely to further grow so we have to make protection against cyber-attacks one of our top strategic priority (The future of Bank Risk Management, 2016).
Statistics from the Association of Certified Fraud Examiners (ACFE) show that credit card fraud has reached the $1 billion mark and is growing. By the end of 2007, it is expected to reach the $3 billion mark in the US alone ([4] ACFE, 2007, p. 1.104). The availability of shopping over the internet has raised new concerns. Internet shopping continues to grow and there has been a 22 percent increase in spending in 2005 as compared to spending in 2004 ([4] ACFE, 2007, p. 1.104). Total internet spending has reached $143.2 billion in 2005 and surveys have shown that about 90 percent of all internet purchases are paid online with a credit card. Fraud occurs on approximately 5 percent of all internet purchases. What makes the internet so susceptible to fraud is the lack of face-to-face interaction with the fraudster, which allows for more anonymity and makes prevention and detection more difficult. During 2006, there were 207,492 complaints filed online with the Internet Crime Complaint Center - [18] IC3 (2006, p. 3). During 2006, internet auction
I also am assuming that most internet users regularly check their banks policies on how to protect themselves.
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
The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking
Online banking and financial services have revolutionised the consumer and corporate banking industry in the last few decades or so by giving customers the power to conduct their banking anytime, anywhere and without all kinds of paperwork and branch visits. This has been possible with the help of massive investments in information technology, systems and communication infrastructure linking the banking industry network with their universe of customers. This empowerment has also given the financial services industry a platform to create financial products with which to woo the marketplace to grow market share, revenue and profits at rates not seen before. However, this win-win situation has come at a cost for the banks. Financial crime or fraud in the last few decades was largely restricted to cheque or loan fraud by individual fraudsters. The perpetrators seem to have kept pace with the evolution in banking services. The threat landscape today is such that every time the banking industry presents innovative financial products and a convenient way to do business with its customers, it also attracts a whole new category of fraud risk and new opportunities for the fraudsters. The financial fraud fraternity today is well equipped with Information Technology (IT) tools, both in terms of hardware and software, alongside trained staff, both internal and external to the banking industry. They work as a well oiled organisation and are decentralised sufficiently to cover