The Security Of A Bank Transaction, Online Shopping Or Booking Flight Tickets On Our Mobile App

Wells Fargo under fire after U.S. House Financial Services Committee announced they would launch an investigation into the bank.  There were allegations that employees had been covertly creating bogus accounts without customer authorization for years.  In this paper, I will provide an analysis of Wells Fargo fraudulent activity in the State of California by opening as many as 2 million fraudulent deposit and credit card accounts that customers didn 't need or desire.  Wells Fargo the second-largest bank violated the privacy/trust of these customers and then only fired 5,300 or its 268,000 employees  for its illegal and bogus sales

To start off with I chose to go with our banking or financial industry. The banking industry is constantly getting attacked by various methods on a daily basis. I chose this industry because I happen to know someone who works in the security sector at Wells Fargo Bank, he was a good person to get information on what he sees on a daily or weekly basis. This paper is the opinion of myself and with gathered information from various resources.

It has come to my attention from the security analysts of VL Bank and victims that commercial customers of VL Bank have been involved in identity theft and fraud. Multiple user accounts were created without authorization claiming the identity of our customers. These fake accounts were used to make twenty-nine transfers of $10,000 each, equaling $290,000. The bank transfers were being sent to several U.S. bank accounts of unknown individuals. The U.S. banks involved in the transfers were Bank A in California, Bank B in New York, Bank C in Texas, and Bank D in Florida. After the funds were transferred to one of these banks, the funds were

Fraud deterrence occurs in several stages, and the key is to know that prevention is not to same as deterrence. First is the impact of controls

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

Restricting access to sensitive information plays a vital role in the success of any organization. Information is deemed sensitive when it needs protection from unauthorized access. Protecting this information is essential in safeguarding security and privacy of an organization. Thus, an organization such as Bank of America has taken measures geared towards protecting its sensitive information from unauthorized access. Just like other organizations, Bank of America has two types of sensitive information. The first type of sensitive information is personal information. This is data that may affect an individual if

This issue of fake customer accounts should be taken as a serious problem raised among customers whose trust in financial institutions keep diminishing. At the center of this fiasco was the atmosphere created at Wells Fargo that enabled this type of fraudulent activity. Inadvertently or not, Wells Fargo ultimately designed a system that encouraged employees to open a lot of falsified accounts. When Wells Fargo imposed unrealistic sales quotas on its employees, it naturally drove its bankers to engage in fraudulent behavior to meet those almost unreachable goals. Over the few decades, Wells Fargo had built up a reputation detaching itself from the likes of Wall Street by putting their customers first before money. However, one cannot help but think that Wells Fargo put money before customers as their aggressive sales goals led to the opening of unauthorized accounts without customer knowledge. Not only was this explicit fraudulent activity, but it questions the precautionary measures that were either in place and circumvented, or rather not in place at all. Both ways, Wells Fargo was doing something wrong, and the doors are now wide open for regulators to fully investigate how such unethical and illegal activity

Bank of America is a multinational banking institute and one of the most trusted in the banking industry. This organizations sole purpose is to protect the customer’s confidentiality and assets by ensuring that data protection is the number one priority; however any organization when holding personal information can be a victim of data breach and BoA is not exempt. One of the largest risks BoA faces today is Mobile Banking. This consumer convenience is used by fifty percent of smart phone owners (Finney, 2014). Phishing is also threat to the banking industry; this strategy by hackers allows the extraction of consumer passwords and other sensitive information. Hackers targeting banking institution employees with convincing e-mails that fool them into clicking on malicious links-which ultimately compromise their credentials or

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.

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

The aim of this report is to discuss the various methods of reducing computer fraud and to find out whether the computer security measures is necessary. In the main body of this report discuss about whether the

The thesis is about online banking deception. “Online banking fraud” is about committing theft or fraud by means of the features of Internet to illegitimately confiscate cash from, or move it to, some other bank account. During the past decades, most of the problems in the field of cyber-security and more specifically online banking fraud have been investigated from technological perspective. That is, these problems were considered solely as technical problems which required technical security solutions. However, most of the problems in the field of cyber-security are more economic than technical. Based on their explanation, economics introduces breakthroughs in understanding problems of security, based on explaining the actors involved and their socio-economic incentives. Accordingly, in this research we have reviewed Economics of Information Security literature to study the possible explanatory factors that may explain why certain targets are by cybercriminals.

Mobile payment apps such as Vemo and PayPal are quickly becoming one of the most popular ways for peer-to-peer money transfer and other apps allow users to have contactless payment at checkout. These apps contain very personal and accessible information, yet there is little to no concern for the security of this valuable information. This paper will access the current security risks and vulnerabilities of mobile payment applications and what users should be doing to protect themselves. This is important to the cyber security body of knowledge because thieves will use the vulnerabilities of the apps to steal personal information. It then falls into the hands of cyber security specialist to protect and educate users to decrease crime.

Data captured for this study, were analyzed through descriptive and inferential statistical methods. The descriptive analysis involves the use of percentage, tabulation presentation. While the inferential statistical method involved the used of the chi-square. The functions of fraud prevention, detection and control are interwoven, as the three works together to eliminate fraud and fraudulent tendencies. Therefore, internal control is highly significant in fraud detection and preventions in banking sector.