Security Issues Facing Online Banking - 1480 Words

There are security issues facing online banking and can these concerns be addressed. Introduction: 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 imp roving online banking system, raise citizens’ internet knowledge and workers’ professionalism to a new and higher level. Definitions Online Banking, refers to the use of internet banking technology to provide accounts, cancel the account, query, reconciliation, online transfer, bank transfer, credit, online securities, investment banking and other traditional services to customers via internet, so customers can takeShow MoreRelatedFactors Influencing Online Banking Acceptance904 Words   |  4 PagesFactors influencing online banking acceptance: 1. Security: (Joseph; Stone, 2003) have said that the internet deals with a huge number of various financial transactions like customer payments, securities transactions applications for insurance acquisitions or loans. The result of the intention of the internet is to be an open network which means a high security risks are implicated with financial transactions. Today, different techniques and standards are presented in order to control these risksRead MoreEthical Issues Of Securing Data Security1682 Words   |  7 PagesDevendra Kumar Meruvu CUW ID: F00439850 Assignment: Term Project - Project 3 1. Topic: Data Security 2. Working Title: Ethical issues in Securing Data 3. Thesis Statement: In this paper the primary motive is to provide the ethical issues related to data security. This paper provides the ethical issues facing by the individuals even the security of the applications is so high. 4. Abstract: Ethical issues are the major concern in todays secured data communication and electronic commerce. Though theRead MoreEssay on Cmgt 400 Week 2 Common Information Security Threats1019 Words   |  5 PagesInformation Security Threats to the Banking Industry CMGT/400 University of Phoenix Information Security Threats to the Banking Industry 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 getRead MoreWebsite Group #3 – Companies Who Use Crm. Middleton (2017)1221 Words   |  5 Pagesuse CRM. Middleton (2017) reported that Apple plans to launch a new internal CRM system based on SugarCRM in April 2017. The new system will link every part of Apple s internal customer relationship systems, including its in-store, Genius bar, and online presences, allowing Apple to have a much broader and deeper view of its customer relationships and how they relate to the different parts of its business. Other users of SugarCRM include IBM, Mitsubishi, HTC, Agfa Healthcare, and Sennheiser. Non-profitRead MoreBank of Americas Mobile Banking Applications780 Words   |  3 PagesExecutive Summary- Bank of America (Bofa) is one of the leading creators of the mobile banking application, lately since the app has been created they have noticed that new features and platforms of the applications are starting to cause issues dealing with technical support and functions that the app possess such as viewing your mortgage or using rewards points. Jen McDonald who is the head of the digital marketing group decided one day that the company needed to go in a new direction so herselfRead MoreThe Banking Industry And Cloud Computing Essay1701 Words   |  7 PagesThe Banking Industry and Cloud Computing Banks are facing increased pressure to streamline their current processes and trim operating costs, while also responding to more demanding, digitally connected customers (Adams, 2012). Many banks are even looking at new technologies and IT delivery models such as cloud computing to help address these issues. Banks have many reasons to like the cloud, such as cost efficiency, standardization and consistency (Dragon, 2013). Banks are embracing the cloud moreRead MoreE Business : Application Of Software And Technology Essay914 Words   |  4 Pagesâ€Å"E-Business: Application of software and technology in selected Ethiopian Banks: Issues and challenges† is a scholarly journal published by International Journal of Computer Science Issues (IJCSI) on November 2011. It is written by Vijay, Bhaskar Reddy Muvva; Asefa, Tewdros Sisay. The main concern of this journal was the application of software towards the banking industry, especially in Ethiopia. According to (Nations Online Country World Wide), Ethiopia ranked the 10th in the â€Å"Third World CountriesRead MoreChallenge Faced by Bank Regulator and Supervisor1621 Words   |  7 Pageselectronic banking systems. Its not only provide the basic services like fund transfer and bill payments, but also doing the advance including provide the loan and card application. Electronic banking can define as the use of electronic delivery channels for banking products and services. Electronic banking services generally offered in two ways either traditional bank that is combine traditional and electronic delivery channels or virtual bank that operate entirely through electronic banking channelRead MoreCustomer Relationship Management ( Crm ) And Loyalty1523 Words   |  7 Pages†¢ Banking industry and financial institutions nowadays facing rapid change. Customer b ehaviour, retention, technology, regulatory compliance and competition from existed competitors and quick and innovative upcoming competitors are all in flow. †¢ Satisfying customer is the main key to address those issues. †¢ These customers expecting from banks to clarify their individual needs without incurring price premium. †¢ Banks must start now to access their customers to build better customer relationshipRead MoreThe Security Of E Banking1772 Words   |  8 PagesThe security of E-banking Razbongshi,Kazol American International University - Bangladesh kajalrajbongshi@gmail.com Abstract.Electronic banking plays an important role in our daily life to show how we interact with others and how we do business today. It is strong catalyst for business strategy and economic development of a country.Billions of information and data are transferring from one to another via the online banking. People can transaction money and pay bills without going to the bank. Because