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Information Security Threats to the Banking Industry

Essay by   •  April 27, 2013  •  Essay  •  1,152 Words (5 Pages)  •  2,092 Views

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Information Security Threats to the Banking Industry

Our customers were potential targets for many illegal security attacks. There are three major threats to the personal banking system. They are credit/debit card fraud, electronic fraud, and identity fraud. There are other threats that financial institutions are facing such as; increased insider threat, Mobile Banking Attacks, and Telephone based fraud. The banking industry is facing more and more threats each day as they become more and more dependent on electronic media, this includes mobile banking, web based banking, atm machines, and any kind of information system that the bank is using. With the rise in technology and banking adapting to the technology banks become vulnerable and constantly have to keep up to date on all security measures and sometimes even invent new ways of protecting the banks data as well as its customer's data.

Credit/Debit Card Fraud

"Credit card and debit card fraud is a crime whereby you're Credit or debit cards can be reproduced, this happens when performing a transaction. This could either be when an individual makes a transaction using their card. The transmission is stolen by the attacker, who then reproduces the card and is able to use this fraudulent card. Customers need to be especially cautious when traveling overseas." (Types Of Banking Fraud, 2012).

Card skimming is another type of card fraud. Card skimmers use debit cards to rip off money from banks. This happens many times through automatic teller machines. Several people at once attempt to withdraw money with the same account number. They have breached the bank stolen the card number and made several cards with same coding. Then they each make withdrawals at the same time. Credit/debit cards can be lost, stolen, or even intercepted during transit allowing dishonest people to undertake unauthorized transactions with your card. Use common sense in protecting your credit/debit card by following these nine values:

1) "Memorize your personal identification number (PIN). Don't use the same PIN for all your cards, and don't choose your birth date or other easily identifiable numbers that might be on something else in your wallet" ("Types of Banking Fraud", 2013).

2) "Check statements and call your credit card issuer immediately if you see anything suspicious on your bill. You could help the company uncover fraud--and save yourself from paying unauthorized charges" ("Types of Banking Fraud", 2013).

3) "Do not let your credit card out of your sight at anytime" ("Types of Banking Fraud", 2013).

4) "Always sign your card in ink as soon as you receive it" ("Types of Banking Fraud", 2013).

5) "Keep track of when new and reissued cards should arrive, and call the credit card issuer if they don't come on time" ("Types of Banking Fraud", 2013).

6) "Make sure your mailbox is secure, and that only you and the postal carrier have access to it" ("Types of Banking Fraud", 2013).

7) "Tear up all credit card receipts and pre-approved credit card offers into small pieces before you throw them away. Keep your billing statements in a safe place" ("Types of Banking Fraud", 2013).

8) "When you use your credit card online, make sure you are using a secure website. Look for a small key or lock symbol at the bottom right of your browser window" ("Types

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