A PROJECT REPORT ON “CRITICALLY EXAMINE ROLE OF E-BANKING IN INDIAN FINANCIAL MARKET” FOR MASTERS IN MARKETING MANAGEMENT SUBMITTED BY MAYURA DURVESH RAUT ROLL NO. M1617048 SUBMITTED TO PROJECT GUIDE Prof. SHRIPAD BAPAT INSTITUTE OF MANAGEMENT & COMPUTER STUDIES THANE (W) Batch 2016-20191B AuudyogikShifstan Mandal’s f INSTITUTE OF MANAGEMENT & COMPUTER STUDIES (imcost) ‘Test Regan Nox F2SUPune/83 eed 175/198)» AICTE Pemanan 1012360605 nett cde ‘S6100TE Code 3125 C-4, Wagle Industri Ne, Mulund | on ASM rots aa aneS snag 269 sade (M) Check Naka, Thano (W), Mumba-4006 imcost@radiffmall com Websito : wavwiimcost.odu.in eS CERTIFICATE This is to certify that MAYURA DURVESH RAUT of MMM (Masters in Marketing Management) Semester V, Batch (2016-2019) has successfully completed the project on“CRITICALLY EXAMINE ROLE OF E- BANKING IN INDIAN FINANCIAL MARKET” Under the guidance of Prof. SHRIPAD BAPAT Date:- 22 |12)2018 Place:- Thane. Project Guide / Internal Examiner Exterfal Examiner Div. Kutkevar - DirectorDECLARATION I, MAYURA DURVESH RAUT the student of MMM Semester V, Batch (2016-2019) hereby declare that I have completed the project on “CRITICALLY EXAMINE ROLE OF E-BANKING IN INDIAN FINANCIAL MARKET” successfully. The information submitted is true and original to the best of my knowledge. Date:- 22| 12 [201 8 Place:- Thane Yours faithfully, MAYURA DURVESH RAUTACKNOWLEDGEMENT I take this opportunity to express my gratitude and extend my thanks to all those who helped and guided me to make this endeavor successful. I express my sincere thanks to Director Sir for giving us the facilities and resources in bringing project successfully. I would also like to thank our Project guide Prof. SHRIPAD BAPAT who helped me in the completion of project. T cannot end this page without thanking my family and friends for their support and encouragement while undertaking this project. ee MAYURA DURVESH RAUTExecutive Summary In India, there prevailed a system of indigenous banking from very early times, though it was not similar to banking of modem times. There is evidence to show that money lending existed even during the Vedic period, With the advent of the English traders in the Seventeenth century and the establishment of trading centers by the East India Company, the position of indigenous bankers became Precarious. Unable to use indigenous bankers for their trading and banking Purposes, the East India Company, encouraged the establishment of agency houses trading firms which undertook banking. Operations for the benefit of their constituents. Some of the important agency houses established during the period was Alexander & Co. & Fergusson & Co. Baking sector is now the most important section of the economy & this project gives me the opportunity to study all the aspects of it. This study helps the customer & the Bank to build the stronger trust relation between them to further enhance the banking trades. The main purpose of the study to identify all the services provided by banks online, security measures, possible threats and precaution to overcome them.INDEX Chapter No Chapter Chapter 1 : Introduction to the Study 1.1 BACKGROUND 1.2 HISTORY 1.3 OBJECTIVES OF THE STUDY 1.4 RESEARCH METHODOLOGY 1.5 RESEARCH TYPE 1.6 METHOD USED FOR DATA COLLECTION 1.6.1 SECONDARY DATA 1.7 SCOPE OF THE STUDY 1.8 IMPORTANCE OF STUDY Chapter 2: ONLINE BANKING- AN OVERVIEW 2.1 DEFINITION 2.2 HOW ONLINE BANKING EVOLVED INTO A MAINSTREAM FINANCIAL TOOL 2.3 FEATURES OF ONLINE BANKING 2.4 ADVANTAGES OF ONLINE BANKING 2.5 THE DIS-ADVANTAGES OF INTERNET BANKING ‘Chapter 3 : DIFFERENT TYPES OF ONLINE, BANKING 11-30 3.1 ALL ASPECTS OF INTERNET SERVICES. PROVIDED BY BANKS. ‘Chapter 4: SECURITY ISSUES OF NET BANKING 31-39 4.1 TYPES OF FRAUDS 31 4.2 STEPS TO SECURE ONLINE BANKING 36 4.3 TEN STEPS TO MINIMIZE SECURITY ISSUES 38 ‘Chapter 6: ONLINE BANKING IN INDIA- GUIDELINES BY RBI 40- 3.1 GUIDELINES BY RBI 40 5.2 IMPLEMENTATION OF SECURITY MEASURES 42 ‘Chapter 5: Findings, Suggestions & Conclusion 44-47 Bibliography 47 ‘Annexure 47CHAPTER 1 INTRODUCTION OF THE STUDY 1.1 BACKGROUND Electronic banking, or e-banking, isthe term that describes all transactions that take place among companies, organizations, and individuals and their banking institutions. First conceptualized in the mid-1870s, come banks offered customers electronic bank . + and costs associated with using 5 ‘plosion in the late-1990s made people more comfortable with making transactions over the web. Despite the dot-com crash, e-banking grew alongside the Internet ‘Online banking (or internet banking or E-banking) allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can bea retail or virtual bank, credit union or building society. Online banking isthe practice of making bank transactions or paying bill via the Internet. Thanks to technology, and the Internet in particular, people no longer have to leave the house to shop, communicate, or even do their banking. Online banking allows a customer to make deposits, withdrawals, and pay bill all with the click of a mouse. 1.2. HISTORY ‘While financial institutions took steps to implement e-banking services in the mid-1990s, many consumers were hesitant to conduct monetary transactions over the web. It took widespread adoption of electronic commerce, based on trallblazing companies such as America Online, Amazon.com and eBay, to make the idea of paying for items online widespread. By 2000, 80 percent of U.S. banks offered e-banking. Customer use grew slowly. At Bank of America, for example, it took 10 years to acquire 2 milion e-banking customers. However, asi change took place after the Y2K scare ended. In 2001, Bank of America became the first bank to top 3 million online banking customers, more than 20 percent of its customer base. In comparison, larger national institutions, such as Citigroup claimed 2.2 million online relationships globally, while J.P. Morgan Chase estimated it had more than 750,000 online banking customers. Wells Fargo had 2.5 million online banking customers, including small businesses. Online customers proved more loyal and profitable than regular customers. In October 2001, Bank of ‘America customers executed a record 3.1 millon Electronic bill payments, totaling more than $1 billion. In 2009, a report by Gartner Group estimated that 47 percent of U.S, adults and 30 percent in the United Kingdom bank online,1.3 OBJECTIVES OF THE STUDY ‘The main objectives of the study are_ ‘To understand the genesis and concey Toanalyze the importance, functions, advantages and limitations of Online-Banking. To explain the different form of Online-Banking and to analyze the rules & regulation regarding Online-Banking guided by RBI. ‘pt of Online-Banking. ‘% Tohighlighting on the security problems of Online-Banking and how to reduce the security Issues with the help of security control tools. Toanalyze the trend of Online-Banking with the help of primary data. To analyze the present e-banking scenario concerned with ATM, internet banking, Mobile banking, credit card-debit card, fund transfer and other e-banking services To examine the impact of ATM, Internet banking, Mobile banking and Credit cards on Customer satisfaction by analyzing the problems faced by the customers. 14 Research Methodology Following are the steps in my research study:4.5 Research Type A, Descriptive Studies E-Banking is one of the latest approaches to provide comfort to the client regarding monetary transactions. ‘Through E-Banking the bank wants to introduce the core concept of IT based Enabled Services (TES). ‘The major idea Is to provide a series of services to the customer through the internet, and make the customer fee! flexible in calling out simple tasks faster instead of making visit to the bank every time. Today, one of the surest most comfortable and less risk oriented faced by banking sectors the application of electronic commerce. £- Banking is considered to have a substantial impact on banks’ performance. More and more people are adapting to this technique and the banking industry is bound to grow. The evolution of electronic banking started with the use of automatic teller machines and has included telephone banking, direct bill payment, electronic fund transfer and online banking. This research shows that the application of e-banking canhelp their local banks reduce operating costs and provide a better and fast service to thelr customer. Itprovides an insight into various aspect of E-banking. ‘The shift from the formal banking to E-Banking has been a remarkable ‘leap change’ in Indian banking history. Thus, E- banking today proves to be a strong innovative tool in delivering refined and improved services to customers. This study clearly reveals that the different roles involved in Indian economic growth ‘According to the Data Protection Act 1998 (DPA), organizations must have appropriate organizational and technical measures in place to protect data against unauthorized or unlawful processing, and accidental loss or destruction of or damage to personal data (data security breach). This is known as the seventh data protection principle. While the DPA does not specify how “appropriate organizational and technical measures” should be developed according to this principle, data controllers must ensure they prevent the possibility of data being compromised in any way. ‘The cybersecurity and fraud have now shifted from a walled-garden approach to a holistic one, and this has brought a better communication and inteligence sharing. This comes down to not ust technology, but people and process. It helps to shift cybersecurity analyst that is very much focused on technology and cyber controls, toan analyst that understands the business and can have a conversation withthe customer in the payments space. This approach can also he seen in the language of modern cybersecurity vendors. Key words: E-banking, E-banks, E-commerce, E-marketing, cybersecurity B. Research Objective: Critically examine the role of E-banking in Indian Financial Services. 4 To evaluate the significance of electronic system integrated in the banking sector. To check advantages and disadvantages of e banking % To check security measures taken by banks4.6 METHOD USED FOR DATA COLLECTION Secondary Source: The secondary data have been collected from different articles & website resources such as swwov.wikipedia.com, waww.google.co.in and so many others. We have used simple pictures, tables, & graphs to analysis & present the data. Apart from this | also followed my supervisors instructions to fi inish the project. 1.7 SCOPE OF STUDY Now in this modern age the entire banking structure has been changed due to widespread internet ‘technology. Now all the business like commerce, trade, import, export, purchase and sale of goods is relying upon electronic banking. By using the advance electronic technology the banking services are fast and economical. ‘There is a saving time an saving of money in the use of E-banking. If any country wants to work in the world market, it will have to improve the banking services at international level because old traditional banking is not acceptable in the changing global economy. ‘The online banking facility has been provided by the large number of commercial banks. On other hand credit card facility is also available in the various commercial banks. Now every bank wants to attract, the customers and for this purpose the offers the latest facilities so i seems that no any bank will survive in the market if he fails to provide update facilites. 1.8 Importance of the study: E banking provides many advantages for banks and customer's .e-banking has made life much easier and banking much faster for both customers and banks. Main advantages are as follows. It saves time spent in banks It provides ways for international banking. It provides banking throughout the year 24/7 days from any place have internet access. It provides well-organized cash management for internet optimization It provides convenience in terms of capital, labour, time all the resources needed to make a transaction, Taking advantage of integrated banking services, banks may compete in new markets, can get new customers and grow their market share. It provides some security and privacy to customers, by using state-of-the-art encryption and security technologies.CHAPTER 2 ONLINE BANKING- AN OVERVIEW 2.1 DEFINITION & Online banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as aretall bank, virtual bank, credit union or building society. Online banking is also referred as internet banking, e-banking, virtual banking and by other terms. % Online banking or E-banking is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and-mortar institution. * Online banking isthe practice of making bank transactions or paying bills via the internet. Thanks to technology, and the Internet in particular, people no longer have to leave the house to shop, communicate, or even do their banking, 2.2 HOW ONLINE BANKING EVOLVED INTO A MAINSTREAM FINANCIAL TOOL Intoday's highly technical world, it's hard to imagine there was once a time when all banking was conducted at an actual brick-and-mortar financial institution. Even simple account transfers required a trip into the bank. ‘While today’s online banking is filled with amazing innovations, it hasn't always been this easy — long time to get this far. fact ittooka ++ HISTORICAL DEVOLOPMENT: % The precursor for the modern home online banking services were the distance banking services over electronic media from the early 1980s. The term ‘Online’ became popular in the late ‘80s and referred to the use of a terminal, keyboard and TV (or monitor) to access the banking system using a phone line. ‘Home banking’ can also refer to the use of a numeric keypad to send tones down a phone line with instructions to the bank. Online services started in New York in 1981 when four of the city's major banks (Citibank, Chase Manhattan, Chemical and Manufacturers Hanover) offered home banking services using the videotex system. Because of the commercial failure of videotex these banking services never became Popular except in France where the use of videotex (Minitel) was subsidized by the telecom provider and the UK, where the Prestel system was used. ‘While financial institutions took steps to implement in e-banking services in the mid-1990s, many ‘consumers were hesitant to conduct monetary transactions over the web. It took widespread adoption of electronic commerce, based on tralblazing companies such as America Online, Amazon.com and eBay, ‘to make the idea of paying for items online widespread. By 2000, 80 percent of U.S. banks offered e- banking. Customer use grew slowly. At Bank of America, for example, it took 10 years to acquire 2 million e-banking customers. However, a significant cultural change took place after the Y2K scare ended. In 2002, Bank of America became the first bank to top 3 million online banking customers, more than 20 Percent of its customer base. In comparison, larger national institutions, such as Citigroup claimed 2.2rrilion online relationships globally, while J.P. Morgan Chase estimated it had more than 750,000 online banking customers. Wells Fargo had 2.5 million online banking customers, including small businesses. 4 Online customers proved more loyal and profitable than regular customers. In October 2001, Bank of ‘America customers executed a record 3.1 million electronic bill payments, totaling more than $1 billion. 12009, a report by Gartner Group estimated that 47 percent of U.S. adults and 30 percent in the United Kingdom are using bank online, ‘Today, many banks are internet only banks. Unlike their predecessors, these internet only banks do not ‘maintain brick and mortar bank branches. Instead, they typically differentiate themselves by offering better interest rates and more extensive online banking features. First Online Banking Services in the United States: ‘According to "Banking and Finance on the Internet,” edited by Mary J. Cronin, online banking was first introduced inthe early 1980s in New York. Four major banks—Citibank, Chase Manhattan, Chemical and Manufacturers. Hanover—offered home banking services. Chemical introduced its Pronto services for individuals and small businesses in 1983. it allowed individual and small-business clients to maintain electronic cheque book registers, see account balances, and transfer funds between checking and savings accounts. Pronto falled to attract enough customers to break even and was abandoned in 1989. Other banks had a similar experience. + First Online Banking Services in the UK : ‘most simultaneously with the United States, online banking arrived in the United Kingdom. The UK's first home online banking services known as Home link was set up by Bank of Scotland for customers of the Nottingham Building Society (NBS) in 1983. The system used was based on the UK's Prestel view link system and used a computer, such as the BBC Micro, or keyboard (Tandata Td1400) connected to the telephone system and television set, The system allowed on-line viewing of statements, bank transfers and bill payments. In order to make bank transfers and bill payments, a written instruction giving details ofthe intended recipient had to be sent tothe NBS who set the details up on the Home link system. Stanford Federal Credit Union was the frst financial institution to offer online internet banking services to all of its members in October 1994. + Banks and the World Wide Web: ‘nthe 1990s, banks realized that the rising popularity of the World Wide Web gave them an added opportunity toadvertise their services Initially, they used the Web as another brochure, without interaction with the Customer. Early sites featured pictures of the bank's officers or buldings, and provided customers with maps of branches and ATM locations, phone numbers to cal for further information and simple listings of products. fe beginning of 2004, some 33 milion U.S. households (31% of the market) were using one form or another online banking, Five years later, 47% of Americans were banking online, according to a survey by GartnerGroup. Meanwhile, in the UK e-banking grew its reach from 63% to 70% of Internet users between 2011 and 2012. & First Online Banking in India: Jc1Cl banks the first one to have introduced Ontine-Banking in 1994 fora limited range of services such as access toaccount information, correspondence and, recently, funds transfer between its branches. ICICI is also getting into etrading, thus offering a broader range of integrated services to the customer. 2.3. FEATURES OF ONLINE BANKING: Online banking facilities offered by various financial institutions have many features and capabilities in common, but also have some that are application specific. ‘The common features fall broadly into several categories: (4). Abank customer can perform non-transactional tasks through online banking, including Viewing account balances. Viewing recent transactions. + Downloading bank statements, for example in POF format. Viewing images of paid cheques. + Ordering cheque books. + Download periodic account statements. + Downloading applications for M-banking, E-banking etc. 0 Bank customers can transact banking tasks through online banking, including ‘Funds transfers between the customer's linked accounts. Paying third parties, including bill payments (see, e.g., BPAY) and third party fund transfers (see, e.g, * FAST) % Investment purchase or sale. % Loan applications and transactions, such as repayments of enrolments. % Credit card applications. Register utility billers and make bill payments. ‘Financial institution administration. ‘Management of multiple users having varying levels of authority Transaction approval process. Some financial institutions offer special internet banking services, for example:personal financial management support, such as importing data into personal Accounting Software. Some online banking platforms support account Aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions, % of internet users who have used online banking tan ee Aan 8 704 2035 ica 2809 2th at 20's (61% 61%) ‘ 2000 2002 m3 2.4 ADVANTAGES OF ONLINE BANKING: Many banks have begun to offer customers the option of online-internet banking, a practice that has advantages {or both all parties involved. The convenience of being able to access accounts at any time as well as the ability to perform transactions without visiting a local branch, draw many people to be involved, Some of these advantages of internet banking but are not limited to, include: + Customer's convenience Direct banks are open for business anywhere there is an internet connection. They are also 24 hours a day, 365 days a year open while if internet service isnot available, customer services is normally provided around the clockvia telephone. Real-time account balances and information are available at the touch of a few buttons thus, ‘making banking faster, easier and more efficient. In addition, updating and maintaining a direct account is easy Sinceit takes only afew minutes to change the mailing address, order additional checks and be informed for Market interest rates. + More efficient rates The lack of significant infrastructure and overhead costs allow direct banks to pay higher interest rates on savings ‘nd charge lower mortgage and loan rates. Some offer high-vield checking accounts, high yield certificate of deposits (CDs), and even no-penalty CDs for early withdrawal. In addition, some accounts can be opened with no ‘minimum deposits and carry no minimum balance or service fees.+ Services Direct banks typically have more robust websites that offer a comprehensive set of features that may not be found on the websites of traditional banks, These include functional budgeting and forecasting tools, financial planning capabilities, investment analysts tools, loan calculators and equity trading platforms. In addition, they offer free online bill payments, online tax forms and tax preparation, Mobility Internet banking also includes mobile capabilities. New applications are continually being created to expand and improve this capability or smart-phones and other mobile devices. + Transfers ‘Accounts can be automatically funded from a traditional bank account via electronic transfer. Most direct banks offer unlimited transfers at no cost, including those destined for outside financial institutions. They will also accept direct deposits and withdrawals that the customer authorizes such as payroll deposits and automatic bill payment. + Ease of use Online accounts are easy to set up and require no more information than a traditional bank account. Many offer the option of inputting the customer's data online or downloading the forms and mailing them in. f the customer runs into a problem, he has the option of calling or e-mailing the bank directly. + Environment friendly Internet banking is also environmentally friendly. Electronic transmissions require no paper, reduce vehicle traffic and are virtually pollution-free. They also eliminate the need for buildings and office equipment. 2.5 THE DISADVANTAGES OF INTERNET BANKING: Internet banking seems like an obvious choice to leave the hassles of traditional money management behind in exchange for it. However, there are potential problems associated with banking over the internet of which customers may not be aware. Consumers need to weigh the advantages as well as the disadvantages of internet banking before signing up. Some of the disadvantages of internet banking include: * Bank relationship A traditional bank provides the opportunity to develop a personal relationship with that bank, Getting to know the people at your local branch can be an advantage when a customer needs a loan or a special service that is not Normally offered to the public. A bank manager usually has some discretion in changing the terms of customer's account if the customer's personal circumstances change. They can help customers solve problems such as ‘eversing an undeserved fee. The banker also will get to know the customer and his unique needs. Ifthe ‘ustomer has a business account, this personal relationship may help if the customer needs capital to expand. It's asier to get the bank's support if there is someone who understands customer's business and vouch for his. erating plan,+ Transaction issues sometimes a face-to-face meetings required to complete complex transactions and address complicated problems. A traditional bank can host meetings and callin experts to solve a specific issue. Moreover, international transactions may be more dificult (or impossible) with some direct banks. Ifa customer deposits cash on a regular basis, a traditional bank with a drive-through window may be more practical and efficient. « Service issues some direct banks may not offer all the comprehensive financial services such as insurance and brokerage accounts that traditional banks offer. Traditional banks sometimes offer special services to loyal customers such as preferred rates and investment advice at no extra charge. In addition, routine services such as notarization and bank signature guaranteed are not available online. These services are required for many financial and legal transactions. « Security Direct banks are subject to the same laws and regulations as traditional banks and accounts are protected by the FDIC. Sophisticated encryption software is designed to protect your account information but no system is perfect. Accounts may be subject to phishing, hacker attacks, malware and other unauthorised activity. Most banks now make scanned copies of cleared checks available online which helps to avoid and identify check fraud. Itenables verification that all checks are signed by the customer and that dollar or euro amounts have not been changed. The timely discovery of discrepancies can be reported and investigated immediately. + Connectivity Another issue is that sometimes it becomes difficult to note whether your transaction was successful or not. It maybe due to the loss of net connectivity in between, or due to a slow connection, or the bank’s server is down.CHAPTER-3 DIFFERENT TYPES OF ONLINE BANKING 4,1 CORE BANKING SOLUTION or CBS: care Banking isa banking service provided by a group of networked bank branches where customers may sects ther bank account and perform basi transactions from any ofthe member branch offices. Core banking is often. associated with retail banking and many banks treat the retail customers as their core banking fostomers. Businesses are usually managed via the Corporate banking division ofthe institution. Core banking covers basic depositing and lending of money. Normal Core Banking functions will include transaction accounts, loans, mortgages and payments. Banks make these services available across multiple channels ike ATMs, Internet banking, mobile banking and branches. ‘the core banking services rely heavily on computer and network technology to allow a bank to centralize its record keeping and allow access from any location. It has been the development of banking software that has allowed core banking solutions to be developed.Net Banking + HISTORY Core banking became possible with the advent of computer and telecommunication technology that allowed information to be shared between bank branches quickly and efficiently. Before the 1970s it used to take at least a day for a transaction to reflect inthe account because each branch had thei local servers, and the data from the server in each branch was sent in batch to the servers in the data centre only at the end of the day (EoD). Over the following 30 years most banks moved to core banking applications to support their operations where CORE Banking may stand for "centralized online real-time exchange”. This basically” meant that all the bank's branches could access applications from centralized data centres. This meant thatthe deposits made were reflected immediately onthe bank's servers and the customer could withdraw the deposited money from any of the bank's branches.4 ADVANTAGES: & Centralized Accounting: + all alread of the bank directly impact the General Ledger and Profit and Loss, Account. This provides a real time total picture about the financial position and situation of the bank This helps for timely effective decision makin i . i for financial Gynamie function in today’s banking. ial management, a very critical and 4 Centralized Product Control & Monitoring: 4 Centralization helps in better product analysis, monitoring and rollout. 4 Aspects like interest rate modifications, product modification and interest application can be done centrally from one place for all the branches. 4 Bank can quickly respond to market scenario and customer needs. This gives competitive edge to the bank. + Introduction of Technology Based Services: 4 Service channels such as ATM, either on-site or offsite, can be started. % Cheque Deposit Machines (CDM) can be installed. Such machine in WAN connectivity can allow any customer to deposit the cheque for collection at any branch. 4 Cheque book printing machine can be installed at central location to give personalized cheque books, Such machine in WAN connectivity can receive command from any branch, + Centralized Customer Account Management ‘Any customer becomes the customer of the bank rather than of a branch. + With unique 1D / Account Number the ‘accounts of the customers can be viewed centrally by the bank. As such, customer profile, details of products and services availed by him and customer behaviour about business of the bank can be well understood. ‘Such customer view gives the bank opportunity to decide directions for business development and marketing strategies. + Advantages to Head Offi Consolidation of MIS / statements / reporting at one place reducing duplication of tasks at branches and itis of real time. * Supervision of branches on risk perceptions possible as ongoing process. ‘Frequent audits and timely control measures can Be initiated. Faster and practically real time reconciliation of accounts.‘Centralized marking and movement monitoring of NPA accounts Better ALM, especially for short term assets and liabilities possible. 4 Audit on operational aspects of the accounts can be done at a single location as entire data is available at one place. an INTHE BROWSER. Manin the browser isa security attack wh tmpetatar instal Treen Hrs on victim's computer that’s nas moat exer Pip Gui the techn pean tosedratacsboth h-ech andhigh ried Us tthe tac hasbe bt nancial rad inmost se due f0e ecb ah firefox and Internet Explorer on Windows have been successfully targeted, in-the-Browser Attack Intruder conse CE Jee aorormrudes ssoopayment, Taprrove aaa ‘Banking ‘ssoopayment Customer's: ‘$50,000forintruder ‘Online. EE Browser Sannin server Identity Theft ~ Identity theft refers to all types of crime in which someone sonal data through | deception aieny obtains and_uses another person's Pets or fraud, typically for monetary E3/"- criminal can assume that identity theft occurs reech means such as chek OEY vis computer spyware and social cial Web sites tion about an individual, 9 ‘With enough personal informat it a wide range of crimes: individual's identity to carry Ou through a wide range of methods—from yer anda theft tomore high-tech schemes, rework data mining, Te rowing @ble> Mustrates well-known 50% that have been attacked.‘Spar: Spam isan electronic unk maior unwanted These messages vary, volume. They may t Where you can mal messages sent to your email but are essentially commercial and TY to persuade you to buy a product ke purchases; or they may attempt credit card detals, are basically the lottery scam in are involved to cheat innocent persons of ng to give a good amount of money at nominal fee charges. money in the form of fee against the lottery prize. 4.2 STEPS TO SECURE ONLINE BANKING: & Whenis a website secure for or service, or visit a website to trick you into divulging + Nigerian Scam: Nigerian or Frauds 409 of 419 which some overseas persons organizations by prot Their intention isto steal fancial transactions? Before sending any sensitive or financial information online, you want to know that you are communicating with a secure site, Secure sites make sute all information you send is encrypted—or protected—asit travels across the Web. The https address heading and your browser's security symbol are two signs indicating you are ona secure site, > Web addresses either begin with http or https. Ifthe address is https, the information you send to itis encrypted and will look lke gibberish if intercepted by cybercriminals. ele rte 280 | ero EES File et Favorite: Tools Help > Your browser will use a security symbol or lock to indicate that the browser verifies that the website isa secure site. As seen in the examples below, the look of each browser's symbol can be slightly different, and itis usually located in the address bar.ls) natanen Of ee fle Edt View Favorites Tools Help [vei rent ja a wellsfargo.com + Security alerts and the SSL certificate % Secure sites have an SSL certificate. An SSL certificate does two things. First, it acts like @ virtual passport or driver's license. It means, | am who | say lam. Second, it enables encryption. If site does not have an SSL certificate, the address will begin with http instead of https, and your browser will nt show a lock symbol. Ifit has ‘an SSL certificate, you can access it by clicking your browser's lock. ‘4 What should | look for on an SSL certificate? > The followings an example of an SSL certificate accessed by Firefox. Your browser's SSL certificate may look different from Firefox's, but you should have access to the same informatic issued To: Check here to make sure the website you are doing business with matches the website on the certificate, 2.ssued By: Make sure the certificate authority that issued the SSL certificate to the website is ttustworthy, There are many different certificate authorities, and like all companies some are more ttustworthy than others. Verifiable SSL certificate authority companies you ae likely to see include Verisign, RSA Data Security, Thawte, Geotrust, GoDaddy, and Comodo. Walidty: Make sure the SSL certificate has not expired. Ifit's expired, your information is not {varanteed to be encrypted.