IDENTIFYING IT SOLUTIONS ON FRAUD IN ELECTRONIC TRANSACTIONS OF FUNDS FROM BANKING SYSTEM

Although we hear daily of fraud, most of them are not reported. Some reports estimated that approximately 90% of assaults are not reported outside organizations were attacked, and only some of the reports are completed by punishment.In fact, for fear of losing customers, some companies (usually banks and large corporations) prefers to fall to an understanding with attackers in exchange for preserving part of the stolen money and keeping silence. Taking into account the development and modernization of the economies of the world in the last four decades, and simultaneous this global banking development and distribution were strongly influenced by the introduction of new computer technology; in such activities new computer technology had a strong impact on providers and on consumers.IT security, fraud, electronic transactions, banking system

Oversight of non-cash payment schemes: objectives and implementation procedures.

The use of non-cash payment schemes is particularly widespread in France where the number of non-cash transactions is in fact well above the European average. Though they have different features corresponding to users’ varying needs (payments may be face-to-face, remote or recurring, for instance), non-cash payment schemes generally consist of an instrument that generates a payment order combined with the technical and organisational arrangements that enable this order to be processed. Putting these arrangements in place requires close co-operation between all participants of the payment «network», i.e., naturally, credit institutions that hold accounts for debtors and beneficiaries, and also their technical service providers. The Everyday Security Act of 15 November 2001 entrusts the Banque de France with a specific task with regard to overseeing the security of non-cash means of payment. This task falls naturally within the purview of central banks, which guarantee both the value of the currency and the stability of payment systems. To carry out its task, the Banque de France analyses the potential threats associated with payment schemes and defines, in consultation with the parties involved, the minimum security objectives designed to prevent the occurrence of payment-specific risk events. To assess the security of a payment scheme, the Banque de France ensures that the parties involved comply with these objectives.

An investigation into financial fraud in online banking and card payment systems in the UK and China

This doctoral thesis represents an investigation into financial fraud in online banking and card payment systems in the UK and China, involving network security, online financial transactions, internet fraud, card payment systems and individuals’ perception of and behaviours towards electronic environments. In contrast to previous studies, the research questions were tackled by survey questionnaires both in the UK and China, with a particular interest in fraud and attempted fraud. The main findings from the UK respondents were that those with higher IT skill and younger respondents are more likely to be defrauded on the internet. Certain types of online activities are associated with higher risks of fraud, these being internet banking; online shopping and media downloading. Furthermore, four predictors (internet banking, online education services, downloading media and length of debit card usage) provided significant effects in the logistic regression model to explain fraud occurrence in the UK. Based on the data collected in China, younger respondents were more likely to have higher general IT skill and higher educational qualifications. However, online shopping was the only online activity which was significantly correlated to fraud occurrence. Finally, two predictors (frequency of usage of online shopping and number of debit cards) were selected in the logistic regression model to explain fraud occurrence in China

The emerging landscape of Social Media Data Collection: anticipating trends and addressing future challenges

[spa] Las redes sociales se han convertido en una herramienta poderosa para crear y compartir contenido generado por usuarios en todo internet. El amplio uso de las redes sociales ha llevado a generar una enorme cantidad de información, presentando una gran oportunidad para el marketing digital. A través de las redes sociales, las empresas pueden llegar a millones de consumidores potenciales y capturar valiosos datos de los consumidores, que se pueden utilizar para optimizar estrategias y acciones de marketing. Los beneficios y desafíos potenciales de utilizar las redes sociales para el marketing digital también están creciendo en interés entre la comunidad académica. Si bien las redes sociales ofrecen a las empresas la oportunidad de llegar a una gran audiencia y recopilar valiosos datos de los consumidores, el volumen de información generada puede llevar a un marketing sin enfoque y consecuencias negativas como la sobrecarga social. Para aprovechar al máximo el marketing en redes sociales, las empresas necesitan recopilar datos confiables para propósitos específicos como vender productos, aumentar la conciencia de marca o fomentar el compromiso y para predecir los comportamientos futuros de los consumidores. La disponibilidad de datos de calidad puede ayudar a construir la lealtad a la marca, pero la disposición de los consumidores a compartir información depende de su nivel de confianza en la empresa o marca que lo solicita. Por lo tanto, esta tesis tiene como objetivo contribuir a la brecha de investigación a través del análisis bibliométrico del campo, el análisis mixto de perfiles y motivaciones de los usuarios que proporcionan sus datos en redes sociales y una comparación de algoritmos supervisados y no supervisados para agrupar a los consumidores. Esta investigación ha utilizado una base de datos de más de 5,5 millones de colecciones de datos durante un período de 10 años. Los avances tecnológicos ahora permiten el análisis sofisticado y las predicciones confiables basadas en los datos capturados, lo que es especialmente útil para el marketing digital. Varios estudios han explorado el marketing digital a través de las redes sociales, algunos centrándose en un campo específico, mientras que otros adoptan un enfoque multidisciplinario. Sin embargo, debido a la naturaleza rápidamente evolutiva de la disciplina, se requiere un enfoque bibliométrico para capturar y sintetizar la información más actualizada y agregar más valor a los estudios en el campo. Por lo tanto, las contribuciones de esta tesis son las siguientes. En primer lugar, proporciona una revisión exhaustiva de la literatura sobre los métodos para recopilar datos personales de los consumidores de las redes sociales para el marketing digital y establece las tendencias más relevantes a través del análisis de artículos significativos, palabras clave, autores, instituciones y países. En segundo lugar, esta tesis identifica los perfiles de usuario que más mienten y por qué. Específicamente, esta investigación demuestra que algunos perfiles de usuario están más inclinados a cometer errores, mientras que otros proporcionan información falsa intencionalmente. El estudio también muestra que las principales motivaciones detrás de proporcionar información falsa incluyen la diversión y la falta de confianza en las medidas de privacidad y seguridad de los datos. Finalmente, esta tesis tiene como objetivo llenar el vacío en la literatura sobre qué algoritmo, supervisado o no supervisado, puede agrupar mejor a los consumidores que proporcionan sus datos en las redes sociales para predecir su comportamiento futuro

An Examination of E-Banking Fraud Prevention and Detection in Nigerian Banks

E-banking offers a number of advantages to financial institutions, including convenience in terms of time and money. However, criminal activities in the information age have changed the way banking operations are performed. This has made e-banking an area of interest. The growth of cybercrime – particularly hacking, identity theft, phishing, Trojans, service denial attacks and account takeover– has created several challenges for financial institutions, especially regarding how they protect their assets and prevent their customers from becoming victims of cyber fraud. These criminal activities have remained prevalent due to certain features of cyber, such as the borderless nature of the internet and the continuous growth of the computer networks. Following these identified challenges for financial institutions, this study examines e-banking fraud prevention and detection in the Nigerian banking sector; particularly the current nature, impacts, contributing factors, and prevention and detection mechanisms of e-banking fraud in Nigerian banking institutions. This study adopts mixed research methods with the aid of descriptive and inferential analysis, which comprised exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) for the quantitative data analysis, whilst thematic analysis was used for the qualitative data analysis. The theoretical framework was informed by Routine Activity Theory (RAT) and Fraud Management Lifecycle Theory (FMLT). The findings show that the factors contributing to the increase in e-banking fraud in Nigeria include ineffective banking operations, internal control issues, lack of customer awareness and bank staff training and education, inadequate infrastructure, presence of sophisticated technological tools in the hands of fraudsters, negligence of banks’ customers concerning their e-banking account devices, lack of compliance with the banking rules and regulations, and ineffective legal procedure and law enforcement. In addition, the enforcement of rules and regulations in relation to the prosecution of financial fraudsters has been passive in Nigeria. Moreover, the findings also show that the activities of each stage of fraud management lifecycle theory are interdependent and have a collective and considerable influence on combating e-banking fraud. The results of the findings confirm that routine activity theory is a real-world theoretical framework while applied to e-banking fraud. Also, from the analysis of the findings, this research offers a new model for e-banking fraud prevention and detection within the Nigerian banking sector. This new model confirms that to have perfect prevention and detection of e-banking fraud, there must be a presence of technological mechanisms, fraud monitoring, effective internal controls, customer complaints, whistle-blowing, surveillance mechanisms, staff-customer awareness and education, legal and judicial controls, institutional synergy mechanisms of in the banking systems. Finally, the findings from the analyses of this study have some significant implications; not only for academic researchers or scholars and accounting practitioners, but also for policymakers in the financial institutions and anti-fraud agencies in both the private and public sectors

Managing Cash Outflows

After reading this chapter, you will be able to: - Review how funds in depository and lockbox accounts are brought together through the process of cash concentration. - Understand disbursement system approaches to sending payments to vendors, employees, and others with the appropriate timing, cost and mechanism. - Evaluate controls against fraud and other criminal activities in paper-based disbursement systems. - Learn of new approaches to purchasing and accounts payable cycles

Risks of identity theft: Can the market protect the payment system?

Identity theft has been a feature of financial markets for as long as alternatives have existed to cash transactions. But identity theft has recently occurred on a much larger scale. Data breaches often involve the apparent loss or acknowledged theft of the personal identifying information of thousands--or millions--of people. ; Identity theft poses risks, not only to individuals, but to the integrity and efficiency of the payment system--the policies, procedures, and technology that transfer information for authenticating and settling payments among participants. Identity theft can cause a loss of confidence in the security of certain payment methods and an unwillingness to use them. Markets can cease operating or switch to less efficient payment methods. Either represents a loss of efficiency for the economy. ; Schreft looks at the nature of identity theft today and the factors underlying its mounting risks. She also explores whether markets are able to limit the risks identity theft poses to the payment system.Identity theft ; Payment systems

Consumers Continue to Load Up on Prepaid Cards

The general purpose reloadable prepaid card is a relatively new consumer financial product that is growing in popularity. This report finds that prepaid cards became increasingly accessible in 2013, and in many instances are now more affordable than basic checking accounts. But, while prepaid cards offer many benefits, consumer protections lag far behind other banking products