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Negative Impacts Of Technology In Banking Sector

1857 words - 8 pages

Negative impact of technology in banking sector

Information Technology solutions have paved a way to a new world of internet, business networking and e-banking, budding as a solution to reduce costs, change the sophisticated economic affairs to more easier, speedy, efficient, and time saving method of transactions. Internet has emerged as a blessing for the present pace of life but at the same time also resulted in various threats to the consumers and other institutions for which it’s proved to be most beneficial. Various criminals like hackers, crackers have been able to pave their way to interfere with the internet accounts through various techniques like hacking the Domain Name Server ...view middle of the document...

Identity theft occurs when “fraudsters” gain access to personal details of unsuspecting victims through various electronic and non-electronic means. This information is then used to open accounts (usually credit card), or initialize loans and mobile phone accounts or anything else involving a line of credit. Account theft, which is commonly mistaken for identity theft, occurs when existing credit or debit cards or financial records are used to steal from existing accounts. Although account theft is a more common occurrence than identity theft, financial losses caused by identity theft are on average greater and usually require longer period of time to resolve.

• Spam Scams:
• Spam scams involve fraudsters sending spam e-mails informing customers of some seemingly legitimate reason to login to their accounts. A link is provided in the e-mail to take the user to a login screen at their bank site; however the link that is provided actually takes the user to a ghostsite, where the fraudster can record the login details. This information is then used to pay bills and or transfer balances for the fraudster’s financial reward.

• Spoofing: 
• This is carried on by use of deceiving Websites or e-mails. These sources mimic the original websites so well by use of logos, names, graphics and even the code of real bank’s site.

• Internet Pharming: 
• Hacker here aims at redirecting the website used by the customer to another bogus website by hijacking the victim’s DNS server (they are computers responsible for resolving internet names into real addresses – “signposts of internet), and changing his I.P address to fake website by manipulating DNS server. This redirects user’s original website to a false misleading website to gain unauthorized information.

• Risk Posed On Banks And Other Institutions: 
• Wire transfer is the way of transferring money from one account another or transferring cash at cash office. This is most convenient way of transfer of cash by customers and money laundering by cyber terrorists. There are many guidelines issued by Reserve Bank of India (RBI) in this regard, one of which is KYC (Know Your Customer) norms of 2002. Main objective of which is to: 
1) Ensure appropriate customer identification, and 
2) Monitor the transaction of suspicious nature and report it to appropriate authority every day bases.
• Credit Card Fraud: 
Huge loss may cause to the victim due to this kind of fraud. This is done by publishing false digital signatures. Most of the people lose credit cards on the way of delivery to the recipient or its damaged or defective, misrepresented etc.

The following are the Measures to Curb the Crime:
• Encryption: 
This is considered as an important tool for protecting data in transit. Plain text (readable) can be converted to cipher text (coded language) by this method and the recipient of the data can decrypt it by converting it...

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