Project Management ( Pmp ) Systems Development Lifecycle ( Sdlc )

Wells Fargo, the world’s most valuable retail bank, has been fined to pay $185 million dollars after the exposure of schemes that defrauded customers in line with a business model, organized from the highest levels of the company, to boost its profits and growth (Beams). According to the US Consumer Financial Protection Bureau (CFPB), the bank opened 1.5 million store records and more than a large portion of a million accounts without clients ' authorization. Bankers moved assets from clients ' records into newly made accounts without their insight. The CFPB said that it resulted in customers being charged for insufficient funds or overdraft fees because the amounts that they were charged were not in their accounts. The bank also created more than 565,000 credit card accounts, of which 14,000 credit cards totaled more than $400,000 in fees and interest charges (Beams).

In September of 2016, it was revealed that there was alleged misconduct at one of the largest and safest banking institutions in the United States. Wells Fargo Bank was ranked among the nation’s safest financial institutions according to an analysis done by Global Financial, (Inside Tucson Business, 2009). Alleging that between May 2011 and July 2015, there were more than 2 million bank accounts or credit cards opened for customers without their knowledge or permission (Blake, 2016). Clients started complaining the they were receiving debit/credit cards from the bank that they had not ordered. Wells Fargo employees also started complaining that about the unethical behaviors they witnessed or were asked to participate in to the Human Resource Departments, the bank’s internal ethics hotline, branch’s individual managers and supervisors. All which led to the discovery of the fraud scandal.

Major Considerations Security Internet-enabled business, including online financial transactions, has evolved significantly over the past decade, from blue-sky vision to practical tool and enabler. Despite the recognized progress, security remains a legitimate concern in considering online payments – as much in terms of the transaction and the flow of payment, as in terms of the overall risk profile of a transaction. While PAD is generally focused on retail sales, the company is looking at larger shipments to certain markets, and may face exposures as high as $150,000 in a single deal. Open account Banks across the globe are recognizing that importers and exporters are shifting significant business volumes – in fact, the majority of trade – to open account terms. Some of the financial institutions have interesting offerings in this space, and Palate-Able Delights could benefit from doing business on open

The bank’s information security posture needs improvement base based on the number of deficiencies detailed thought this ROE. However, to management credit and to further strengthen the security process, on November 21, 2017, management decided to outsource the Chief Information Security Officer (CISO) position with a qualified IT security firm. Management contracted GRC Solutions to act as the bank’s CISO. Mr. Frank Getter, Senior Consultant at GRC Solutions will perform the functions as the new CISO. Mr. Getter is a Certified Information System Security Professional (CISSP) with over twenty years of experience in the information technology management, operations and information security field. Mr. Getter appears to have the necessary

Continue in Round 3, we planned to provide a safeguard and secured banking system to our customer and business shareholders, which advanced trusts in the national system of cooperative credit. One of Mistral Bank key objectives in this round is to commit to our customers with a state-of-the-art and secured banking system. Moreover, our team was able to identified risks and responded quickly to secure financial transactions as well as defending adversaries from accessing to our financial

Assisted a PwC team’s effort to develop recommendations to modernize a large US based custody bank’s core banking and payments platforms (i.e., wire transfer, ACH). During this engagement I assessed payment technology options and helped determine the costs and benefits of various investment scenarios. The client is currently leveraging our deliverables and recommendations to perform an in depth review of a subset of modernization options

Hackers identify several vulnerabilities in our global banking system, which enabled this hack to occur. First, hackers were able to gain access to the database of payment processors for Visa and Mastercard because they were less secure than the companies themselves. They targeted prepaid debit cards issued by two Middle Eastern banks whose database was also less secure than their American and European counterparts. The hackers next used dummy magnetic strip cards with fake information loaded on the strips to withdraw over $45 million dollars in over 36,000 transactions.

Thanks in part to advancements in check imaging technology; financial institutions have an opportunity to make major changes to outdated check processing systems. Bank executives are weighing the benefits with the potential risks of updating a system that has been virtually untouched since the 1970’s.

This report on the financial transaction processing industry shows the industry in three different ways: qualitative

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

The financial services sector is in the nascent stage of digital disruption. Its main functions are the same today as they were yesterday – people use financial services to exchange money, to save or invest, to finance, or to insure against risk (Barberis and Chishti, 2016). All financial services are a response to these four basic needs, and this will not change. What is changing, though, is the way these needs are being addressed. New technologies are delivering convenience, speed, and volume in quantities we have never seen before, making financial transactions easier, cheaper, and more convenient.

Technology has been advancing at a rapid pace to deliver robust, secure and convenient payments solutions. This enables rapid delivery of payment services to large sections of the population.

Payments system all over the world has experienced a period of dramatic change. Consumers, businesses, and government are moving away from paper checks and towards electronic forms of payment. Technological advances and competitive forces are fundamentally altering the payments landscape, with important implications for efficiency, safety, and access.

The association puts forward assertions of their independence from the listed card vendors that constitute the council. Under its umbrella, there exist a number of standards with requirement stipulations including numerous sub-requirements that contain an abundance of directives against which enterprises in the card industry can gauge their own payment card security strategies, guidelines, and procedures (Calder & Williams, 2016). The present paper discusses two International Security Management Standards namely; The ISO/IEC 27001 standards and the ISO/IEC 27002 that may be applicable to the confines of PCI Security.

The Reserve Bank of India has been asking banks to enhance their digital security and the Hitachi statement comes a day after the central bank announced formation of an inter-disciplinary standing committee on cyber-security to review threats, study security standards and suggest appropriate policy interventions. (Source: Press Trust of India, 09 Feb 2017)