Best Security Practices For Online Banking And Online Transactions

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Introduction

In this tech-savvy and technological driven business environment, each of the business sectors have embraced modern technology and provision of online services to the patrons. As stated by Airehrour et al. (2018),online banking system has become quite popular in modern day business environment as trend of internet usage and online services has raised considerably. The rising use of internet banking and online transactions demands providing patrons safety, consistency, robustness and integrity for conducting the bank activities in a safe and secured way. Online banking activities include virtual banking, internet banking, e-banking and several other financial activities. With using online banking and transactional facilities, it facilitates fast and convenient way of conducting business. According to the opinion of Alarifi et al. (2017), online banking system comprises of 2 phases: registration and login phases. Registration phase of banks more or less similar structure. Login phase has security levels like provision of user id with password, followed by advanced system of security. Security systems are developed in the banks as the information is compromisedby criminal hackers with modified and sophisticated attacks. The banks need to provide backup as well as contingency strategies those have been formulating best plans as wellas practices for securing online banking activities and online transactional activities.

The research aim is discussing and analyzing the best security practices those have been adopted by banks and financial institutions for provision of best security to both banks and patrons. In this research study, discussion on security issues in online banking and online transactions, security systems integrate, responsibilities of patrons for securing online transactions and banking, and importance of security systems for secured online banking and online transactions. are to be done by the researcher.

Best Security Practices For Online Banking And Online Transactions

Discussion On Security Issues In Online Banking And Online Transactions

In this research study, the researcher will be discussing the security issues required for online banking as well as online transactions. The security issues related to online transactions and banking are phishing, internet scams, malware identity theft, investment fraud, keystroke attack, lottery frauds, Spyware, Trojan horse, pharming, virus and warm. As stated by Chandio et al. (2017), and coursework help professional phishing security issue has been an attack or scam in which, the scammers masquerade the trustworthy source for attempting gaining private information and data. The information and data comprise of credit card data, PIN numbers and other sensitive information through internet. Phishing helps in prompt messaging and email provision that will fool the users with showing financial counterfeit sites those have been seen in actual format. The forged or false websites have been planned for looking identical to genuine counterparts for avoiding misgiving from users. Spyware attack enters the system that has been a hidden component to free programs. It will help monitoring of web usages, virtual snooping and keystroke logging based on the activities of the computer. According to the opinion of Goode (2018), internet scam security attack is the pattern, which betrays user in diverse ways for attempting taking benefits to them. This attack has been created for making frauds with the private asset through the false undertakings, and assurance tricks accordingly. The malware security attack is the malicious software, which has been camouflaged as the legitimate software, which is planned for accumulating as well as transmitting the private data without the consent of the patrons. Malware attack caused spreading of information through email, files and software and file has been infected, which is the file source(Hossain et al. 2020).

Imtiyaj et al. (2021) had opined that identity theft attack is caused that helps obtaining important pieces of personal data like bank information with impersonating the information. Exposure of personal data that helps in application of credit with buying of goods as well as services along with illegitimate users cause entry to the bank accounts. Investment fraud is the crime that will help obtaining important personal data like bank information along with important information for impersonating the information. The exposure of personal data has been utilized for application of credit, buying of products as well as services and gaining rights to bank accounts. As mentioned by Jansen and Van Schaik (2018), keystroke logging attack is the system and that helps hardware or software key loggers. It is the user type for the system, which is captured as well as stored in the storage. It helps automatically forwarding the attacker and it comprises of diverse user’s id as well as password for accomplishing the own purposes. Lottery fraud is the attack in which, the falseletters and email messages to the people. It helps user website and fraudster for redirecting the traffic from genuine websites to the fake ones. Main purpose is obtaining victim’s information of personal aspect for carrying-out frauds.

As per the viewpoint of Lee and Shin (2018), pharming security attack is caused as the fraudster creates illegitimate or counterfeit website and people visits and click on those websites incorrectly. It helps the pharmer in obtaining personal information of the victims for further occurrence of frauds. The Trojan horse security attack is dangerous attack as accepted by many plagiarism free assignment help makers which cause the attacker in directly gaining the unauthorized accesses to victim systems. With virus entry to the system, it helps in different legitimate software and with updated firewall and antivirus that helps in protecting the user from the attacks. According to the outlook of Lin et al. (2020), virus security attack is the program, which has been designed for replicating itself within the computers. It helps slows down the user system as well as cause corruption to the files and memory. The file sharing and email facilities are the reasons of spreading virus. Worm is the kind of malicious program, which replicates or reproduces oneself as the storage space is filled on the computer drive. It utilizes speed, space and time while it gets duplicated and it also causes interruption to usage of internet system (Masihuddin et al. 2017).

Discussion on Security Systems for Online Banking and Online Transactions

The security systems those can be integrated for online banking and transactional activities are usage of user id and transactional password, OTP, QRP, Biometric, QR Code, Grid Authority Card, E-token and Security Questions. As opined by Mujinga et al. (2018), user id and transactional password security system helps the customer in registering themselves with unique id as well as password used for user verification. The patrons are able to set the security data to the email addresses, and the users can easily access as well as takes complete benefits to internet financial and banking services. OTP is another security system that is to be integrated into the system for improving online banking and transactional functionalities. OTP helps in using the personal internet banking that is the authentication service, which provides better security to the individuals and banking systems. OTP usage have been specified to each of the user and new password is being generated to each of the minute accordingly. Salem et al. (2019) had stated that QRP code has been used as the part of secured authentication system, which helps 2-factor authentication with combining password as well as camera equipped mobile phones. The mobile phone has been acting as the part of authentication. It is also secured with use of encrypted data. It is quite secured protocol and helps in improving transactional activities. Biometric method helps in securing the ATM transaction and with utilizing the biometric mechanism like retinal and iris scan with improvement of overall security as well. The patrons help registering biometric information that is present in different banking branches of the banks (Hossain et al. 2020).  Gain latest information from assignment help in Oman experts.

As mentioned by Airehrour et al. (2018), QR code is an important step towards improving online banking and transactional functionalities. With using QR code, it helps scanning mobile devices and that will help overcoming weakness of traditional passwords. It is the type of authentication of the system.The grid authority card is another step towards improving online banking and transactional functionalities. It helps prevention of fraud occurrences in the initial stage. In this aspect, grid codes are being randomly generated by the user interface application with using secured internet connections. According to the opinion of Alarifi et al. (2017), e-token step is another important step towards improving online banking and transactional functionalities. This step helps providing additional security features that is used while logging into the internet banking system. E-service is used for accessing internet banking sites and also helps obtaining login OTP for secure transactions and activities. The security questions step is the other step towards improving online banking and transactional functionalities. In this aspect, MFA (Multifactor Authentication) is used for strengthening verification process. The answers to the questions have to be given as the part of securing the system (Chandio et al.2017).

Responsibilities Of Patrons In Securing Online Banking And Online Transaction

It is the responsibility of the patrons for securing the online banking as well as online transactional activities along with the banks and financial institutions.The patron responsibilities in securing online transactions and online banking activities are protecting confidentiality of user ID with password, logging-out on completing online banking and transactional activities, using contemporary browser with anti-virus software usage, ensuring security of information and using separate computing system for conducting high cash transactions. As opined by Goode (2018), “protecting confidentiality of user ID with password” is one of the responsibilities of patrons in securing online transactions and banking activities.The making of unique passwords as well as change it as required frequently as easy passwords are easy to break. It is important memorizing password and it will help in ID as well as password authentication and will also cause memorizing password. As the patron’s responsibility, one should not set the internet browser in remembering ID as well as password. The patrons should not share password or PIN with any other individual. Jansen and Van Schaik (2018) had stated that “logging-out on completing online banking and transactional activities” is another responsibility of patrons in securing online transactions and banking activities. The online banking users also comprises of online transactions as well as log-out before turning-off the computers. On getting a call from an unknown number claiming to be a bank or financial advisor, the individual should not release the information accordingly. Much needed information on online banking are available at assignment help Oman given by OmanEssay

As mentioned by Lee and Shin (2018), “using contemporary browser with anti-virus software usage” is the other responsibility of patrons in securing online transactions and banking activities. This is an important step and towards completing online transactions as it helps using online transactions for turning off the computers. Hence, it is important for signing-off the “Log Out” tab regarding finishing banking activities. As per the outlook of Masihuddin et al. (2017), “ensuring security of information” is another responsibility of patrons in securing online transactions and banking activities. In this aspect, the individuals are suggested to use modern browser as well as installing along with use of excellent quality anti-virus software. These security patches have issued on the regular basis and it will help in fixing new issues. The issues also need to be exploited and NetTeller will be supporting the browsers’with using Login page accordingly. Software updates are used those help in accessing the mobile banking, and online transactions. The software updates are installed and it will help maintaining screen locking with password and PIN protected. Lin et al. (2020) had opined that another responsibility of patrons in securing online transactions and banking activities is “using separate computing system for conducting high cash transactions”. Essay writing service in Oman makers have said users need to select the strong and unique NetTeller password and ID, not disclosing the password and ID. The users also do not send financial and personal information over unsecured websites and payment of special attention for security on the local computers as well.

Importance Of Security Systems For online Banking And Online Transactions

The importance of integrating security systems for online banking and online transactions are to protect the data and information of the customers as well as the banks. As opined by Mujinga et al. (2018),internet banking and transactional activities have raised considerably and has became one of the irreplaceable parts in daily lives. The technological developments have progressed and attacks also became sophisticated to the maximum extent. It causes loss of money and time. Along with breaching of personal information, the sensitive and payment systems are also exposed accordingly. The intruders have also entered the system as the legitimate user to steal the legitimate users’credentials and information of users. Salem et al. (2019) had stated that from the financial perspective, the banks ensure having reliable security mechanisms for protecting transference of sensitive and important information. It causes preventing possibility of corruption of data as well as leakage regarding maintaining confidentiality of data and information. Moreover, it has been in cases that hackers have created phishing sites and that looks alike the websites of the banks for luring the patrons for sharing personal and important information. It helps entailing information that will help in scaling the patrons for processing both transactions and data that raises financial risks and cause security invasion to the banks accordingly. Get to know more about networking security from dissertation helpers of OmanEssay 

Conclusion

The research aim is discussing and analyzing the best security practices those have been adopted by banks and financial institutions for provision of best security to both banks and patrons. In this research study, it is discussed that the security issues related to online transactions and banking are phishing, internet scams, malware identity theft, investment fraud, keystroke attack, lottery frauds, Trojan horse, pharming, virus and warm. The security systems those can be integrated for online banking and transactional activities are usage of user id and transactional password, OTP, QRP, Biometric, QR Code, Grid Authority Card, E-token and Security Questions as stated in this research context. The patron responsibilities in securing online transactions and online banking activities are protecting confidentiality of user ID with password, logging-out on completing online banking and transactional activities, using contemporary browser with anti-virus software usage, ensuring security of information and using separate computing system for conducting high cash transactions. It is stated that the technological developments have progressed and attacks also became sophisticated to the maximum extent. Hence,integration of the security systems for online banking and online transactions are present to protect the data and information of the customers as well as the banks accordingly.

References

Airehrour, D., Vasudevan Nair, N. and Madanian, S., 2018. Social engineering attacks and countermeasures in the new zealand banking system: Advancing a user-reflective mitigation model. Information9(5), p.110.

Alarifi, A., Alsaleh, M. and Alomar, N., 2017. A model for evaluating the security and usability of e-banking platforms. Computing99(5), pp.519-535.

Chandio, F.H., Irani, Z., Zeki, A.M., Shah, A. and Shah, S.C., 2017. Online banking information systems acceptance: An empirical examination of system characteristics and web security. Information Systems Management34(1), pp.50-64.

Goode, A., 2018. Biometrics for banking: best practices and barriers to adoption. Biometric Technology Today2018(10), pp.5-7.

Hossain, S.A., Bao, Y., Hasan, N. and Islam, M.F., 2020. Perception and prediction of intention to use online banking systems: An empirical study using extended TAM. International Journal of Research in Business and Social Science9(1), pp.112-126.

Imtiyaj, S., kumar Agrawal, E.R. and Hota, A.K., Study of Online Banking Solution for e-Governance initiatives: e-Procurement-A Scientific Knowledge. IOSR Journal of Computer Engineering (IOSR-JCE) e-ISSN, pp.2278-0661.

Jansen, J. and Van Schaik, P., 2018. Testing a model of precautionary online behaviour: The case of online banking. Computers in Human Behavior87, pp.371-383.

Lee, I. and Shin, Y.J., 2018. Fintech: Ecosystem, business models, investment decisions, and challenges. Business horizons61(1), pp.35-46.

Lin, W.R., Wang, Y.H. and Hung, Y.M., 2020. Analyzing the factors influencing adoption intention of internet banking: Applying DEMATEL-ANP-SEM approach. Plos one15(2), p.e0227852.

Masihuddin, M., Khan, B.U.I., Mattoo, M.M.U.I. and Olanrewaju, R.F., 2017. A survey on e-payment systems: elements, adoption, architecture, challenges and security concepts. Indian Journal of Science and Technology10(20), pp.1-19.

Mujinga, M., Eloff, M.M. and Kroeze, J.H., 2018. System usability scale evaluation of online banking services: A South African study. South African journal of science114(3-4), pp.1-8.

Salem, M.Z., Baidoun, S. and Walsh, G., 2019. Factors affecting Palestinian customers’ use of online banking services. International Journal of Bank Marketing.

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