Employee fraud often takes place when pressure (motivation), opportunity and rationalism are present. In fact, employee perception where failure to meet sales target might leave them unemployed and unable to settle bills for their family (Kelly, 2016). Furthermore, watching other co-worker committing fraud will most likely influence the employee to do the same because their mindset tends to persuade themselves that it is one of a way to meet their quota plus “everyone is doing it.”
Wells Fargo had come under fire the in last few years for creating fraudulent accounts for their clients without their permission. The blame was given to the unreachable quotas for the employees. This scandal has created damages to the name of Wells Fargo. The public perception of this company is seen as untrustworthy. I want to propose ideas that may help improvements to your employee’s service and regain obtain trust from your clients and employees.
A data breach is an incident in which sensitive, protected or confidential data has potentially been viewed, stolen or used by an individual unauthorized to do so. Data breaches may involve personal health information (PHI), personally identifiable information (PII), trade secrets or intellectual property. The most common concept of a data breach is an attacker hacking into a corporate network to steal sensitive data. However, not all data breaches are so dramatic. If an unauthorized hospital employee views a patient's health information on a computer screen over the shoulder of an authorized employee that also constitutes a data breach.
The third case where the no access level could be applied in this business is customers and other third parties having access to computer passwords. Having access to this information is a potential threat to the bank because this can enable them in accessing crucial information about the bank. In some instances, some customers could log into the bank’s system and credit their accounts with huge sums of money. This will plunge the bank into huge losses that could lead to its closure. Furthermore, the bank can warn customers against sharing bank account information with other people. In case the credit card of a customer gets lost, the customer will be at risk of losing his or her money if a person who knows details of the card gets access to it.
The bank record theft was exposed April 28, 2005 when police in Hackensack, New Jersey charged nine people, including seven bank workers, in an alleged plot to steal financial records of thousands of bank customers. Bank of America and Wachovia Bank were the two biggest banks that were affected by this large banking breach in 2005. 670,000 customer account information was stolen by bank employees. In addition to confidential banking information, the thieves also obtained employment information for these same accounts. Customer account numbers and balances were allegedly sold to a middleman, then the information was sold to collection agencies. On a smaller scale, other banks were also affected by the theft such as, Commerce Bancorp and PNC Financial Services Group. Bank of America is constantly, having to communicate with their customers to reassure them that those that customer their accounts are not experiencing fraud or identity theft. Both Bank of America and Wachovia customers whose account information was stolen during this breach were to receive complimentary one-year credit monitoring service along with having each account directly monitored by the
This report documents the results from the penetration test of the Ernst and Young Credit Union external website (http://10.55.3.101). Full authorisation has been given to conduct the test, which was carried out in a manner that simulates an attack from a malicious user. The objectives were to:
What allowed the breach into JPMorgan Chase & Co. was a very mundane and basic method by comparison. Using Social Engineering, hackers managed to acquire the login credentials for a JPMorgan employee.
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 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 risk of financial sector in the United States of America has become increasingly more apparent and more diverse to the United States over the last few decades partially because of the advanced computer and cyber based accounting networks that the Nation has shifted to. The security of our financial systems is absolutely critical including being one of the primary concerns and directly
An APT or Advanced persistent threat is a group of people who are highly motivated (financially, politically or economically) working together, well skilled, and patient. They have advanced technical tool which is not available to other attackers. They use vulnerabilities revealed by the APT or APT sponsor that is not disclosed to anyone else hence it's very difficult to defend them. They're chronic and consciousness on exploiting one or more unique objectives instead of just any target of opportunity. APT use social engineering as a tool to get more details of those specific targets. APTs are either funded by Governments or adversaries as they need a lot of resources to go after any target. APTs are well organized as they could move after the easy objectives and avoid the comfortable networks. It goes after particular goals primarily based on what it desires to take advantage of from the ones targets. An APT might be willing to make investments months or years of time toward infiltrating and Compromising a desired goal. APTs might be military units, different government-sponsored entities, or beneath the control of nongovernmental actors, including organizations, activist agencies, or organized crime. Few examples in which
Three key things need to take place internal controls, strengthen financial reporting, and corporate governance.. For protection of the bank, there needs to be more than one sign on/log in into a system
Data Breach is where sensitive, confidential, or protected information has been stolen, viewed, or used by someone unauthorized to do so. The Henry Ford Health System in Detroit, Michigan has had many data breaches. A laptop that was unattended, that had over four thousand patients information on it, was stolen from a physician’s office. The chief privacy officer of The Henry Ford Health System, Meredith Phillips, went over all of the security of patients and the company’s information.
Therefore, it is essential to address issues like security of the banking transactions that are executed from a distant place and transmitted over the air. Besides this, it is also important to ensure the security of financial transactions, if the device is stolen by hackers. If these concerns are properly addressed, then it would help increase the popularity of mobile banking by instilling a sense of trust among the customers.