The Security Of The Bank And Other Financial Institutions

Distributed operating systems pose a serious issue of security and therefore need to incorporate Authorization and Authentication mechanisms. Many of the information resources that are made available and maintained in distributed systems have a high intrinsic value to their users. Their security is therefore of considerable importance. Sufficient information regarding this aspect is not available for

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

This paper will attempt to give a clear picture of Jordan’s banking system and will develop to see how globalization and the adopted rules and regulations from the World Bank and other international agreements and requisites have affected banking in Jordan. The study will present a STEEPL/PESTLE analysis that shows us the strengths and weaknesses of the banking sector. It will also attempt to give recommendations for future development.

Online shopping has become a lifesaver for many consumer providing conveniences; convenience sells. Today’s consumers expect to see a company’s presence online with the top social media tools including Facebook and Twitter. With the advancements in mobile technology, consumers can make purchases with the click of a few keystrokes on their smartphone. These purchases require customers to enter in their personal information, including mailing address, email and banking information. Entering this information online can open customers up to the threat of hackers stealing their personal information including their bank account information.

Abstract – Software Security is the need of the hour today, especially when we have so many of our day to day activities depending upon computers, internet and software’s. These technologies are of utmost importance even for the most basic activities like banking, trading, shopping, social media and communication, which uses different software tools to provide service to users all around the world. Migrating to this tech world has made it a necessity to provide a high quality of software with equally good security. Systems nowadays like a banking system deals with highly sensitive personal information, so providing software security is as much important as the development of the software. The course project required us to develop a secure banking system which helped us to learn about the various software security tools and the get knowledge regarding the current trends in the field, what can be the possible attack vectors , attack patterns and how to mitigate their effects and defend the system against various such factors.

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.

Miller Inc. which is in the business of providing data collection and analytics services relies majorly on network security to keep its competitive advantage. This is because the customers that rely on the company's system trust that since there are sufficient security measures that have been ensured, they can store their data securely. Each of the functional models of the system should have sufficient security measures to ensure that complete security of the whole system architecture is achieved. The three functional modules are the backend module, services or operation module and customer access module. The major relationship between infrastructure and security comes in the role they play to ensure that the end user gets the data that they need when they need it and in the best way possible. Therefore for the three modules, there is a need to balance security with the right infrastructure.

There will always be someone who takes control of things. Those who are innately dominant will often possess a strong influence over others; some people in society have a tendency to lead while others follow. However, when the effect of power is negative, it becomes able to destroy the very thing it has control of. In Pedagogy of the Oppressed, the author, Paulo Freire, highlights such negativities in the classroom setting in an education system he calls the “banking concept”. This idea prevents active thinking and instead, the students absorb empty facts, keeping them stored in their memory. Although he discusses the alternative, more positive “problem-posing” concept, the banking principle seems to be more prominent in Chinua Achebe’s Things

In this essay I will be writing about Online Banking, its use, how it evolved, impacts and how it benefited the global businesses. In late 1980s, the term online banking became popular. But in 1990s, the financial institutions implemented the online banking services. Initially it took some time to adopt the customers to do monetary transactions through online banking. Afterwards, with increasing use of computers, internet and World Wide Web, banks introduced new form of banking called Online Banking. It is a service from a bank to perform banking transactions through internet. Transactions like paying bills, transferring funds, applications and payments over loans & mortgages, accounting statements viewing, viewing account’s transaction history, looking for products and services provided by banks, getting answers of queries instantly.

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.

By the mid 1990’s most of the major banks now offered online Bill Pay to all of its customers for a small monthly fee (6). By this time, online banking has begun to grow rapidly, along with the concerns for customer security. Like with many changing technologies, many customers of online banking become skeptical of how well the technology could protect them. With growing concerns from customers, banks began increasing their security with online accounts (7).

Internet banking has made bank transaction easy and convenient in the sense that people can do the transactions from anywhere they, desire to i.e in the home, offices, and schools. It has helped to avoid unnecessary trips to the bank.

Security is very important part for any transaction that takes place over internet. Customer will lose his/her trust in transactions over internet if we don’t care about security or if its security is compromised.

The payment systems and protocols have been developed with the development of the electronic commerce. The current system of payment is consisting of the merchant, customer, and the payment gateways, the procedure is that the merchant receives the information of the customer’s payment and forward this information to a payment gateway in order to process the payment. This procedure holds several risks to the customer’s information because of the ability of the merchant to save the information related to the customer and may misuse this information later. The other possibility is that the information is compromised and the merchant is unaware when the information of the customer payment is forwarded to a payment gateway.

Current technology is evolving fast, which brings new dimensions to people’s daily life. Moreover, network technological innovation not only brings huge economic benefits to the bank, but also has brought new needs for the requirements of online banking. The interaction between user and bank has been substantially enhanced by deploying computer operations, which not only reduce the cost of bank service, improving the efficiency of service, but also achieve a new kind of operation without using paper .However, Online banking transactions can be a double-edged sword. These conveniences give also rise to a series of safety problems such as phishing sites and cyber crime. Thus customer’s behavior has been limited on account of the unsafe e-commerce environments. This essay will argue that there exist risks in online banking which can lead to criminal behavior, and a number of reasonable solutions have been developed to reduce the risk for customers such as improving online banking system, raise citizens’ internet knowledge and workers’ professionalism to a new and higher level.