| Topic : Banking fraud - Prevention and Control |
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Tech World |
Finance & Accounts |
Banking & Insurance Professionals |
4 more ...
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Activity:
184 views;
last activity : 07 06 2010 20:18:09 +0000
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These are Hi-tech crimes
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Problem of international crime
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Lack of expert knowledge of the investigator
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TIME LAG BETWEEN OCCURANCE AND DETECTION
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Current Audit Mechanisms are human resource heavy
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• Verity Technologies launches Online Access Security Solution - Blue ID 2
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Faceless criminals
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computer crime
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The information technology is changing very fast. Bank computer crimes have a typical feature, the evidence relating to crime is intangible. The evidences can be easily erased, tampered or secreted. Moreover it is not easily detectable. Moreover the evidence connecting the criminal with the crime is often not available. Computer crimes are different from the usual crimes mainly because of the mode of investigation. There are no eyewitness, no usual evidentiary clues and no documentary evidences. |
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Hi Tech crimes are carried out by technology experts knowing best way to compromise the system and make the fingerprint or forensic evidences for investigation non traceable or cumbersome to trace. They use combination of Social engineering and tech tools to get them as clean system user with required privileges and access control to compromise data as well as logs.
Investigation is usually carried out as team or pair of guys with investigator having IT security background and another set of crime investigators. I have came across MNC IT company with security practices having such force to provide security survellience services to financial institutes.... it's big money...big risk..big boys game :))
Our investigation agencies are not that hi tech and that creates the disconnect in investigation. This scenario was well portrayed in movie Wednesday, police wanted to find out the person whose phone calls were warning for Bomb blast, which department could not detect and a student could, ironical but true!
I agree these are hi-tech crimes, as Aarti said the roots of the crime can be from any place in the world, so it will be difficult to deport the criminals dpending on the MOUs. Apart from this the financial transactions will be voluminous in its nature, so it is difficult to trace back to the crime origin and retain its traces etc
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In my opinion, online crimes are done without any risk. A computer crime may be committed in one country and the result can be in another country. There has been lot of jurisdictional problem an though the Interpol does help but it too has certain limitations. The different treaties and conventions have created obstructions in relation to tracking of cyber criminals hiding or operation in other nations. |
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Investigator shall have expert knowledge of EDP system and the banking, unless you investigate the fraud with such an expert you may not find required result. |
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THE NUMBER OF TRANSACTIONS ARE HUGE. NOT ALL TRANSACTIONS ARE SUBJECT TO VALIDATION. VERY RARELY FRAUDS ARE DETECTED WITHIN SAY 1 DAY. ACCESS TO SENSITIVE DATA, NETWORK VIOLATIONS, ABSCENCE OF AUDIT TRAILS AND LACK OF PASSWORD SECURITY COMPUND THE PROBLEMS. AUDIT DEPATRTMENT STAFF SHOUD BE TECH SAVVY AND SHOULD AUDIT ONLINE IN A CONTINUOUS WAY |
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Most of the Audits and Reconciliation process are currently manual as automation sysytems are designed on the pretext of operations productivity and less importance is given to audit and reconciliations mechanism |
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India (Bangalore) Verity Technologies, a mobile applications company with focus on Authentication and Identity Management Services, today announced a launch of its pathbreaking Blue ID 2 technology. This new generation technology can secure financial transactions, manage access, control confidential data and generally eliminate phishing in this era of increasing online adoption.
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The major advantage criminal has in instituting a computer crime is that there is no personal exposure, no written documents, no signatures, no fingerprints or voice recognition. The criminal is truly and in strict sense faceless. There are certain spy software’s which is utilized to find out passwords and other vital entry information to a computer system. The entry is gained through a spam or bulk mail. |
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In the banking sector crime experts are not available.some times they are not serious about this.Without the crime experts it is very difficult to crime investigation. A person who perform the computer crime is very expert in computer or a very good hacker.after the crime they did not left any proof of crime.To the bank it is also difficult to find the proof of crime against any person. |
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