| Topic : Banking fraud - Prevention and Control |
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Activity:
46 views;
last activity : 07 06 2010 20:18:09 +0000
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Corrective check on customer details
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Online banking security
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biometrics in support of transactions along with required details
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Prevention by Debit/Credit Card Users and Preventive Vigilance by Banks added with double or triple password provision
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RBI has to stricthen whether the customers details with the banks are correct. Customers register their cards with the respective merchants--Visa or Master Card and create a security password. This would definitely help to prevent many cash frauds while using credit or debit cards for online purchases. Enhancing the security level is much needed in the face of rising usage of cards for online transactions. |
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There are already enough mechanism to control auds in banks. KYC and AML for eg. Regarding the frauds in Credit cards, web banking, online banking or mobile banking, its the customer who shares the vital information of his account with others. In most of the cases, even educated people, share important information regarding their accounts with strangers when they receive fake e-mails.
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In my opinion, Online banking security is one of the key requirements by financial customers today as they increasingly use the Internet to not only manage their financial transactions online but also to buy financial products. The rapid growth in online phishing and identity scams and increasing regulatory pressure has ensured that online security is a critical concern among banks today. Banks are increasingly getting introduced to a variety of online security threats. |
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The online security system should be modified in such a way that it requires multiple checks before completing a business transaction.This is for sure going to have an impact on the speed at which transaction will happen. System already has included mobile technology in the security system but it should be used for authenticating every business transaction.For eg person who have logged in should not be allowed to complete his transaction without getting the security code through his mobile sms.......
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to bring online banking frauds to halt ,one has to spruce up security system that only accepts the biometrics of the accessee and the joint holder along with other required details that can be stolen from database.such a practice will not only bring safety but also credibility in baking affairs . |
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Prevention by Debit/Credit Card Users and Preventive Vigilance by Banks added with double or triple password provision
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It is not an obligation of a single side. Both the depositors and the bankers have to be equally careful about online transactions. While due care, alertness and preventions on the part of the users of the credit/debit cards and online transactions are quite necessary, the bankers must also be equipped with not only tools of preventive vigilance, but also with the provision of double or triple usage of secure passwords or IPIN while processing any online transaction. The transactions should mature only after usage of two or more preset passwords/IPINs at a time. Vigilance & Transformation Management Consultant New Delhi |
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A wonderful piece of information for wonderful people on this forum.............Plz read on........ |
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Mobile money transactions have failed to gain customers confidence is what I have read. But is it because people are not aware. If I use something which is good I will surely recomend it to someone but when I just do not know enough about the... |
What happened with you is not the case everywhere and always. It is bad at the part of Bankers there. It should not take that much of time. This is unacceptable.. |
Mr. Srinivas has explained the whole thing very precisely. To bring inflation under control there are still many things to be done. But perhaps it is not possible for them to do all this. |