Online banking BY ktshore9848718280 Current Status of e-Banking Channels in e-Banking available in Nepal Automated Teller Machines (ATM) Point of Sales (POS) Telephone Banking (Tell Banking) Internet Banking Mobile Banking (SMS Banking) Services Provided in e-Banking In TAMS Cash Withdrawal Balance Inquiry Fund Transfer is not available. In POS Terminals Financial transactions are made via Cards. Cash is debited from the client’s account(s). Cash cannot be deposited.
Services Provided in e-Banking (cont’d… ) In Tell-Banking Account Status check No fund transfer facility. In SMS-antitank Similar to Tell-Banking except telephone Cell phone is required instead of telephone. In Internet-Banking Fund Transfer within accounts (within the bank) Get balance statement online Pay bills online Security measures in the Bank side All banks that are providing internet-banking facility have the system consisting of the followings: Password controlled system entry.
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Version issued Digital ID for the Banks server. Secure Socket Layer (SSL) protocol for data encryption. Firewall setup. Frauds in e-Banking Most popular frauds in e-Banking (worldwide) are Card duplication In this, the information in the cards are copied to another card. Although the duplicated card may have other information, but the financial transactions are done These are the programs which stores the characters as typed in the keyboard The account no. Passwords entered can be tracked via key loggers. ‘Pushing e-mails E-mails pretending to be from the bank asking to input the surname and password to update the information. After submitting the information, the information passes to the false site where the information is captured. In Nepal, no e-banking frauds have been found yet. Lack of understanding of internet technology may be the reason. E-banking is at its infancy right now; it meaner the system is not perfectly secure. Precaution must be taken.
Precaution and Protection Use of device that creates ID for one session only Login to that device using account id and password It creates a temporary ID to login to the banks server User should login from that newly generated ID Some of the duties that the banks must do to prevent e-banking frauds: Information Security Controls Up-to-date knowledge of ongoing attack sources, scenarios, and techniques Up-to- ate equipments and network maps Ability to show rapid response to react to newly discovered vulnerabilities.
Some of the duties that the banks must do to prevent e-banking frauds: Internal Controls Dual Control One person can a mistake, other can find the error The possibility of two persons making the same mistake at the same time is negligible. Control of Suspicious Activities Controlling the withdrawal Upton some limit If an account is dormant for years and the transaction is unexpected, the account holder must be informed Security problems Online banking relies on a networked environment.
Network access can be performed through a combination of devices (PC, telephone, interactive TV equipment, card devices with embedded computer chips, … ) Connections are completed primarily through telephone lines, cable systems, in some instances even wireless tech. All these systems improve efficiency, speed and access but also present some privacy and security issues. Worth noting: Internal attacks are potentially the most damaging! Internet is a public network and open system where the identity of the communicating partners s not easy to define.
Communication path is non-physical and may include any number of eavesdropping and active interference possibilities. “Internet communication is much like anonymous postcards, which are answered by anonymous recipients. ” Although open for everyone to read, and even write in them, Few Security Tips 1/3 Protect yourself from potential pitfalls and make your Internet banking more safe, productive and enjoyable by following these advices (given by Federal Reserve Bank of Chicago) Make sure your transmissions are encrypted before doing any online transactions or ending personal information.
E-mail is usually not secure. Do not send sensitive data via e-mail (unless you know it is encrypted). Change all passwords and PIN codes received via e-mail that is not encrypted. Make sure you are on the right website. Make sure that the financial institution is properly insured. Be “password smart” (use mix of letters and numbers; change up regularly; keep your up and PIN codes to yourself; avoid easy to guess up like first names, birthdays, anniversaries, social security numbers… ) Keep good records. Save information about banking transactions.
Check bank, debit and credit card statements thoroughly every month. Look for any errors or discrepancies. Report errors, problems or complaints promptly Keep virus protection software up-to-date. Back-up key files regularly. Exit the banking site immediately after completing your banking. Do not have other browser windows open at the same time you are banking online. Do not disclose personal information such as credit card and Social Security numbers unless you know whom you are dealing with, why they want this information and how they plan to use it.
Services offered by ASPs Online personal banking (account information, transfers, deposits, … ) Online cash management for companies Bill payment Check payment Card payment solutions Insurance services Web presentation design, hosting, administration Security services Testing of electronic business software Remote administration of banks servers E-Banking users must consider these things while transacting electronically Never give your cards, account no. O anybody Don’t use public computer for e-transactions Don’t give your information in the websites which you don’t know Before visiting any ties, check the certificate; and don’t continue unless you feel it is from trusted site Use passwords which are difficult to guess Regularly check your account status; if you feel something is wrong, then let this know to your bank Future of e-Banking Cashless Transaction Can transact via non-cash elements; like credit cards, internet-banking.
Convenient way to transact if distance matters. Target Areas – Remote places People of remote areas where transportation is not reached can transact on other parts of the country.
Will be one of the meaner of communication between two sessions More choices, more use of e-Banking Market of SMS and Internet Banking will make tell-banking extinct within few years Via internet banking, one can transfer amount from one bank to another not only within the same bank More the internet users, more the number of e-banking customers Enhanced security – attract people to Join e-Banking Around 40 Tams are going to be added within this year. The number of POS will increase Upton 3000. Connecting World People can transact from anyplace to anywhere Stay connected even they don’t know each other
Manipulation of money – Global Market – economic and social development Innovative Global Market – Innovative Global Village Developments post the year 2000 Advent of retail banking Growing presence of foreign banks Emergence of a universal banking model Banks and non banks competing to serve similar customer needs Technology driven innovation in products and access to services Focus shifting to inclusive banking In summary Technology has transformed banking globally and in India Technology adoption by Indian consumers is proceeding at dramatic pace India itself as transformed and will transform even more in the years ahead Technological innovation in India will lead the way for innovation in banking Banks will use technology to attract and serve customers across the pyramid Access account information Review and pay bills Transfer funds Apply for credit Trade securities Find out if a check was cleared Find out when a bill is due Apply for mortgage Search for the best loan rates Compare insurance policies and prices Many consumers also like the idea of not waiting in line to do their banking, and paying their bills without shuffling papers and buying stamps.