In this advanced world “Money” has become “Information” communicated over the internet. Online and Mobile banking has changed the banking routines to a great extent. Many initiatives, downturns and fraudulent scam have been the regular banking cycle since the inception of technological advances. These technological advances have become one of our daily basic amenities. Unbiased study with pros and cons would give an individual a good picture of which banking technology suits him/her the best. The ATM‘s has offered a great customer service these days. Gone are the days where an individual spends at least half-an hour to withdraw or deposit cash. The introduction of VSAT technology has proved worthy to this sector of banking. Though long waiting hours has been seen in front of an ATM, installation of more number of machines has removed this inconvenience too. More number of proliferations in the ATM installation is not a true sign of ATM’s optimum use. This is very clear from the fact that the target audience of the use of this ATM is not the senior citizens - The reason being “mugging” and other security threat. When an option is given to women and senior citizens to use the ATM many prefer the manual banking. As the technology advances the banking frauds does increases exponentially. Some means which can be adopted for secured ATM transactions are,
1. The use of biometrics technology can defer impersonations.
2. The subscribers must be educated on the use of ATM cards.
3. The password change after a fixed number of transactions, say after 10 transactions should be made mandatory.
4. Devices like NCR Intelligent Fraud technology can be made mandatory for all the ATM’s. This can avoid card skimming. (NCR - New York corporation helps business to build strong relationship with the customers)
Internet banking is another area where users of all the age are targeted. This doesn’t mean that Internet users have o% security threat. Phishing is one major attack which has become common these days. Almost all the well-established private bank has introduced this online banking. This is not only a time saving option but a greater customer satisfaction is acquired. Many of the nationalized government banks are still facing challenges in getting these technological advances to their network. Maintaining the network legacy has always remained a nightmare. This is because the customers should not be separated by geography, introduction of new customers should not imbalance the network, the security threats needs to be consolidated and the network should be upgraded often. To add upon the RBI has laid out various regulations and constraint which a bank must adhere while implementing or renovating their network. It mainly concentrates on the customer’s privacy, best levels of authentication and authorization with predicted list of risks and mitigation strategies. Vaidyanathan Iyer, National Manager, eSecurity Business Computer Associates which provides networking solutions to banks point out that “the guidelines have been created with a lot of thought of regarding the business scenario in India. It is at Par with the International Banking Standards. Also it is very comprehensive.” The ways to get rid of some internet security threats are,
1. Getting a Client Level certificate is bit tougher but then once acquired with the help of digital technology (like encryption and decryption) the network can be well-secured.
2. A secured SSL VPN connection can prevent outside intruders to access the bank’s network. Firewalls, filters and digital signatures can make give one of the best networks. Much important is the network administration of a bank should be well aware of the updates in the market and keep enriching the bank’s network at regular intervals. The net result is to how many customers these advances reach.
3. The users should be made aware that their account sensitive information like passwords and PIN’s should not be shared. Don’t click the links from Emails which asks for account confidential.
4. A trusted genuine anti-virus should be installed.
Mobile technology has the great potential to revolutionize the modern banking system. Even in a place where the ATM’s and the access to internet is minimal mobile technology comes as a savior, the reason – Mobile communication awareness has reached to almost every nook and corner of the world. India has more than 200 Million Mobile subscribers and the number continues to explode. Financial institutions were having vendors like MChek to mobilize the banking technology. But the RBI was very clear on the non-involvement of third party vendors. This is a good sign as the banks themselves have to come up with optimized solutions. The Mobile technology has not proved its worth yet. Again there are several security challenges while dealing with the Mobile banking. It would be easy for a person’s mobile to get stolen and masqueraded. But a good set of norms and well-recognized security standards can avoid these security threats.
1. The use of a security PIN to identify a person is one simple solution.
2. Patches should be updated in mobiles over air. These patches should be made available as soon as it is released.
3. The device should be configured securely that it should not get affected even when made available in the open network.
4. The bank statement should be available to the concerned person after each and every transaction.
In this fast growing world it is impossible to sustain without having a touch to any of these technologies. It is quite natural for a subscriber to become a victim of malicious network/user. It is the responsibility for the individual banks to educate their customers, after all no one will take chance on their hard earned money. A good set of security practices should be made available to the customers. The help lines should volunteer and provide the best solutions to the customers at the earliest. An approved list of risk and mitigation plan should be made available. This list should be upgraded frequently. The financial institutions network should undergo various stress and loyalty test before made available to the customers. A good set of structured hierarchy should be created so that the next time a customer goes for online or mobile banking he/she should feel comfortable in entering their bank account credentials.
1. The use of biometrics technology can defer impersonations.
2. The subscribers must be educated on the use of ATM cards.
3. The password change after a fixed number of transactions, say after 10 transactions should be made mandatory.
4. Devices like NCR Intelligent Fraud technology can be made mandatory for all the ATM’s. This can avoid card skimming. (NCR - New York corporation helps business to build strong relationship with the customers)
Internet banking is another area where users of all the age are targeted. This doesn’t mean that Internet users have o% security threat. Phishing is one major attack which has become common these days. Almost all the well-established private bank has introduced this online banking. This is not only a time saving option but a greater customer satisfaction is acquired. Many of the nationalized government banks are still facing challenges in getting these technological advances to their network. Maintaining the network legacy has always remained a nightmare. This is because the customers should not be separated by geography, introduction of new customers should not imbalance the network, the security threats needs to be consolidated and the network should be upgraded often. To add upon the RBI has laid out various regulations and constraint which a bank must adhere while implementing or renovating their network. It mainly concentrates on the customer’s privacy, best levels of authentication and authorization with predicted list of risks and mitigation strategies. Vaidyanathan Iyer, National Manager, eSecurity Business Computer Associates which provides networking solutions to banks point out that “the guidelines have been created with a lot of thought of regarding the business scenario in India. It is at Par with the International Banking Standards. Also it is very comprehensive.” The ways to get rid of some internet security threats are,
1. Getting a Client Level certificate is bit tougher but then once acquired with the help of digital technology (like encryption and decryption) the network can be well-secured.
2. A secured SSL VPN connection can prevent outside intruders to access the bank’s network. Firewalls, filters and digital signatures can make give one of the best networks. Much important is the network administration of a bank should be well aware of the updates in the market and keep enriching the bank’s network at regular intervals. The net result is to how many customers these advances reach.
3. The users should be made aware that their account sensitive information like passwords and PIN’s should not be shared. Don’t click the links from Emails which asks for account confidential.
4. A trusted genuine anti-virus should be installed.
Mobile technology has the great potential to revolutionize the modern banking system. Even in a place where the ATM’s and the access to internet is minimal mobile technology comes as a savior, the reason – Mobile communication awareness has reached to almost every nook and corner of the world. India has more than 200 Million Mobile subscribers and the number continues to explode. Financial institutions were having vendors like MChek to mobilize the banking technology. But the RBI was very clear on the non-involvement of third party vendors. This is a good sign as the banks themselves have to come up with optimized solutions. The Mobile technology has not proved its worth yet. Again there are several security challenges while dealing with the Mobile banking. It would be easy for a person’s mobile to get stolen and masqueraded. But a good set of norms and well-recognized security standards can avoid these security threats.
1. The use of a security PIN to identify a person is one simple solution.
2. Patches should be updated in mobiles over air. These patches should be made available as soon as it is released.
3. The device should be configured securely that it should not get affected even when made available in the open network.
4. The bank statement should be available to the concerned person after each and every transaction.
In this fast growing world it is impossible to sustain without having a touch to any of these technologies. It is quite natural for a subscriber to become a victim of malicious network/user. It is the responsibility for the individual banks to educate their customers, after all no one will take chance on their hard earned money. A good set of security practices should be made available to the customers. The help lines should volunteer and provide the best solutions to the customers at the earliest. An approved list of risk and mitigation plan should be made available. This list should be upgraded frequently. The financial institutions network should undergo various stress and loyalty test before made available to the customers. A good set of structured hierarchy should be created so that the next time a customer goes for online or mobile banking he/she should feel comfortable in entering their bank account credentials.
Thanks for sharing, I will bookmark and be back again
ReplyDeleteVSAT India