Risk
Capital bank Limited has internet banking but to analyze the kinds of risks involved with the online banking system there should be an understanding of what kind of internet banking the bank majors in.For capital bank limited their online banking system is more on to transactional banking which carries the highest risk in the E-banking today.Although their online system carries some features of communicative and informational internet banking the main focus for this project would be drawn to Transactional internet banking.
Transactional banking at Capital Bank limited allows customer to execute financial transactions online.For instance with capital banking the system allows the customer to do inter account,internal and domestic Funds transfers.
Current risks identified
Transactions risk
‘This is the current and prospective risk to earnings and capital arising from fraud, error, negligence and the inability to maintain expected service levels.’
Denial of service attack
‘An attempt to extort money from legitimate users of an internet service by threatening to prevent the user from accessing the service.’( Criminology
By Larry J. Siegel,2000)
With Siege of various financial crimes taking place capital Bank is prone to the risk of Denial of service attacks.
Hacking
Hacking is the practice of modifying the features of a system, in order to accomplish a goal outside of the creator's original purpose.There are many cases of Hacking and because the current system uses Microsoft system resources which have proven to be the most prone to hacking attacks.
Phishing
According to word spy.com Phishing is the act of fooling a computer user into submitting personal information by creating a counterfeit website that looks like a real (and trusted) site. It is a hacker technique of "fishing" for passwords and other secret financial information.
This is a practice which is very common nowadays,Capital bank has faced phishing attack as the bank rose to prominence in the public.
Vishing
Using the telephone to collect peoples personal and financial data (Stopping Identity Theft: 10 Easy Steps to Security
Using the telephone to collect peoples personal and financial data (Stopping Identity Theft: 10 Easy Steps to Security
By Scott Mitic,2001).Although this is not really an online risk but it is one of the prominent cases of financial crimes faced by Capital bank.Impostors usually fool customers into giving their details over the phone.
Combating Risk
Capital bank has taken various measures to address the issues of Risk that the banks is facing,On their websites they have described the various and most common attacks and they actual go into advising the readers on what to do if faced with such problems,there are precautions outlined to help people to be highly conscious of these crimes before they become a noticeable target.
Apart from that the bank has also installed firewalls to its main systems ,they system that is currently the banks back bone system;Flex cube has its own inbuilt security system.Oracle FLEXCUBE Direct Banking addresses all aspects of internet banking
security, at both the transmission and application levels. The solution offers
advanced transmission security features to resolve issues of mutual authentication,
message privacy, and data integrity.
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