Online Banking And Financial Services

This chapter generally focus on several part of study in online banking area. This research paper entitled: A study of generation Y satisfaction toward online banking service in Johor. Background of research as the first part in this chapter and briefly discuss the definition of generation Y and online banking service. Problem statement continues as the second part which explains the importance and the basis of this study. Next, research objective screen out the five specific objectives of this study and demonstrate the independent variables and dependent variable. Then, the research questions illustrate the question between the independent variables and dependent variable. The research questions state how the factors or independent variables affect the satisfaction of generation Y toward online banking service. The significance of study shows the parties or entities that benefit from the research. Significance of study also explains the

Recently, Wells Fargo employees, trying to meet onerous sales goals, created as many as 2 million unauthorized savings, checking and credit card accounts creating a huge scandal for the San Francisco-based institution. It has prompted calls for a wide-ranging investigation into the banking industry, where sales goals are common and complaints of unauthorized accounts have been lodged against other banks. I hereby have examined this issue thoroughly and would like to provide an analysis and two solutions that can prevent these types of scandals from occurring again; one is the modification of daily sales target system and the other is the institution of technology to verify customer contacts.

As the famous Will Smith once said in his 2015 film, Focus, “There are two kinds of people in this world. There's hammers and there's nails.” Interestingly enough, the truth to that statement could not be emphasized more as with the case of digital crimes involving advance fee fraud scams. In the digital age of the 21st century, “hammers” have enthusiastically adopted computers as their newfound weapon against the “nails” of the earth. It is no secret that digital crime is on the rise and has been ever since the days of phone phreaking Ma Bell. These days, the newest scourge on the pockets and psyches of the average, gullible civilian is the advance fee fraud scam, also known as the Nigerian 419 scam. This paper attempts to further explore this infamous phenomenon in terms of its origin and history, type and design, modern usage, geographical and financial impact, and ultimately its prevention.

Over the past few years the internet has become a tempting place for criminals to acquire identifying information, such as passwords and banking data. In criminal’s haste to explore the exciting features of the internet, many people respond to “spam” unsolicited emails that promise them benefits, but request identifying information, without recognizing that in many situations, the requester has no intention of keeping their promise. In some situations, criminals reportedly have exploited computer technology to acquire large amounts of personal information. With enough identifying data about an individual, a criminal can take over that individual’s identity to conduct a wide range of crimes: for example, false applications for loans, credit cards, fraudulent withdrawals from bank accounts, acquiring other goods, or privileges which the criminal might deny if they were to use their real name. If the criminal takes steps to ensure that bills for the falsely acquired credit cards, or bank statements showing the unauthorized withdrawals are sent to another address other than the victims, the victim may not become aware of what’s happening until the criminal has already inflicted substantial damage on the victim’s assets, credit and reputation (Identity Theft).

In a post-crash market, financial firms face many challenges which include more severe regulations, more demanding consumers, and how to take advantage of new technology. Financial crime costs an estimated $20 billion in losses annually, and the operational costs of compliance continue to grow substantially each year. Due to the complexity of financial services, detecting and preventing fraud within the financial world is nearly impossible. The threats can be either domestic or international and they may originate internally or externally. “Perhaps the most disturbing statistic in the 2010 ACFE study is the one showing that only 6.7 percent of fraudsters had previous convictions for a fraud-related offense, and 7.7 percent had charges with no conviction, which means that 85.6 percent of the frauds were committed by persons who had never been charged with or convicted of a

SunTrust plc. is committed to helping their customers to up their online transactions secure and safe. Despite the various security measures, features and procedures implemented by SunTrust to secure their network and server from cyber-attacks as well as to help protect consumers from scammers and unauthorized access to their accounts, yet, they become a victim of the hacktivist group "Izz ad-Din al-Qassam” who insist on waging war on U.S Banks due to an outrage over a movie trailer posted in YouTube which the group believes casts Islam in a negative light (Kitten, 2012). The question now is how can SunTrust and the rest of the U.S financial

Virtually every business today uses at least one form of computer information technology. Business firms use computers to automate and assist in managing everything from operations, sales, finance, and logistics. Internal databases and intranets are used for internal controls and organizations are connected via the internet to conduct sales, marketing and many other communications and transactions. Electronic business, or e-business, is dominating modern markets and the business world. This new world of technological innovation has exponentially increased efficiency and globalized the world’s economies. Unfortunately criminals still exist and continue to exploit businesses, committing acts of theft, vandalism, and terror.

In the old days, people go to bank branches in order to either make a deposit or a withdrawn to their accounts. From 14th century in Venice, Italy to 1970s in New York, United States, banking seems to the same as it never changes. There is no other options if you don’t want to have your own house full of cash open for thieves and robbers. But with digital currency and online banking system, those days have long gone for younger generations only with pictures shown on the history books. Starting from 1990s, growing with the boom of IT technology in Silicon Valley, digital banking has given itself a key role of shaking up the entire banking industry as

Fraud. Embezzlement. Money Laundering. Financial underreporting. Financial over reporting. Accounting malpractice. Costing the global business close to tens of billions of dollars is financial fraud. These accounting crimes are best described as incentives or conflicts of interest issues. [8] While on the one hand softer trade and economic policies are bridging the gaps between world economies, stricter laws and regulations are coming into existence to curb the increase in financial misdealing between companies across borders, on the other. With the proliferation of internet into daily lives, it has become easier for individuals to use technology in criminal ways for personal benefits. Considering these developments and the genius

Cyber criminals are illegally access into others account. They are illegally accessed more than half of the world’s largest banking website. Nearly one billion losses for every year for banking industry for this criminal attacks.

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

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

Over the last few years the banking landscape has changed dramatically, with security issues and emerging technologies framing the conversation concerning where to go from here. Financial crises and an increasingly common occurrence of data breaches have exposed a fundamental flaw in our system, and financial institutions and businesses alike are looking for ways to make transactions, and banking, more secure in the digital age. The question, however, is not why we need such extensive reform of our payment methods, but why we fell so far behind to begin with. The road to rebuilding our financial system is a long and arduous path, made difficult by the resistance to change of not only banks and businesses, but consumers as well. However

Since the birth of the computer and the internet we have witnessed almost every business worldwide discard the timely usage of paper documents and filing systems and welcome the use of database servers which has enabled greater productivity, accuracy and availability. Many businesses like banks obtain highly sensitive personal information from their clients which is stored on database servers and encrypted with the goal of protecting their data from unauthorized users. Data being stored on servers creates an illusion of safety with them often being operated from a different geographic location, criminals can no longer physically take this data from a business’s premises as it is not stored locally, although cyber criminals have evolved along with these times and have proven time and time again that data security measures are still very exploitable across networks. The emerging digital age we now live in has become an extremely vulnerable and volatile environment and with networks becoming increasingly vast, it has become apparent with hackers constantly exploiting security measures that our data is never 100% safe. In 2005 a 24 year old Cuban-American by the name of Albert Gonzalez masterminded an attack which saw “over 150 million credit card and ATM numbers between 2005 and 2007” (Ottman, 2011) stolen and subsequently sold on the black market which has been labelled the biggest such fraud in history. Although millions of dollars are spent trying to catch cyber criminals

The field of Banking and finance is still developing and not every organizations are yet organized to deal with IT risk in an integrated way nor do all of them face the same levels of IT risk and or share similar risk side view. It is different to one another however, is compelling those are facing rising incident rates in the areas of security, availability, performance and compliance with noteworthy impact on revenue, reputation, productivity, and cost. (ISIT Risk Management in Banking Industry, 2011)