Online Banking is a product that becomes increasingly important with the increase in online business. Customers via online banking can have an access to their fund without having to go to the bank. In order to avoid the customers' fund from becoming vulnerable to scammers while conducting banking activities online, banking institutions have taken several security measures. REQUIRED: Explain FIVE (5) security measures imposed by banking institutions for allowing an online access to customer fund.

Online Banking is a product that becomes increasingly important with the increase in online business. Customers via online banking can have an access to their fund without having to go to the bank. In order to avoid the customers' fund from becoming vulnerable to scammers while conducting banking activities online, banking institutions have taken several security measures. REQUIRED: Explain FIVE (5) security measures imposed by banking institutions for allowing an online access to customer fund.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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In recent years, cyber-related systems and networks have been playing an increasing role in the financial sector. The financial sector relies on these infrastructures for processing transactions and transferring funds which has made them attractive and susceptible targets for cyber-attacks. Being high-profile targets creates a distinct challenge for financial institutions since they must strike an optimal balance between security and maintaining efficient and reliable operations for their customers. Today, cybercrime poses a real and persistent threat to financial institutions of all sizes and the number of companies that fall victim to cybercrime and digital espionage continues to rise. The financial services sector and its customers are heavily targeted by all those actors. Furthermore, the threat environment has become more sophisticated and diverse. In recent times, cybercriminals have managed to bypass security controls and to exploit breaches or vulnerabilities within the cyber…
Based on your readings to date we observed that monitoring and stressing risks of the commercial banks gave the regulator insight about some possible vulnerabilities. Provide details as to the benefit to the financial institution and their consumers of measuring or mitigating against risks.
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