Bank Account Research Articles

REGULATORY FRAMEWORK AND COMPLIANCE CHALLENGES IN DIGITAL PAYMENT:A CASE STUDY ON PAYTM

India is not only the world's largest independent democracy, but it is also a rapidly growing economic powerhouse. No country can have a stable economy without a sound and efficient banking system. Banks play a critical role in a country's economic growth. They collect people's unused savings and make them eligible for investment. They're in the process of granting loans and purchasing investment securities, new demand deposits are also established. Accepting and discounting bills of exchange allows for trade both within and outside the country. Banks also help to improve capital mobility. India's banking system has a long list of notable accomplishments over the last three decades. It is no longer limited to the cities, but has spread to even the most remote parts of the world. This is one of the factors behind India's development. The banking industry is now one of India's most important service industries. The availability of high-quality services is critical to the economy's success. Banks' attention has turned away from customer acquisition to customer retention. The introduction of Information Technology into the banking sector has changed the way people work. The banking sector's policy has undergone radical transformations, various customer-oriented products, such as internet banking, are available. Customer’s workload has been reduced mainly because of ATM providers, telebanking, and electronic payments. The internet's convenience Banking allows a customer to access and manage his bank account without 7 having to go to the bank. 'The Customer's options have been revolutionized by the availability of ATMs and credit/debit cards.

PHISHNET: Multi-Algorithmic Safety Net for Advanced Phishing URL Detection

Today's generation heavily relies on web technology for various tasks such as banking and communication. However, this also means that users are exposed to numerous security threats, with phishing being one of the most serious and common attacks. Phishing attacks aim to steal sensitive information from users by impersonating a legitimate entity. Attackers use phishing to obtain victims' credentials such as bank account numbers, passwords, or other private information. The victim may not be aware of the website that is phishing. which impersonates a genuine website. Therefore, this paper proposes a system to identify phishing sites using machine learning algorithms. The system utilizes a classifier that is trained on a comprehensive dataset with enriched features. Keywords: Phishing URL Detection, Machine Learning, Websites

Some Legal Issues of the Type “C” Banking Account Regime

This article is devoted to the legal issues of the implementation of special economic measures in relation to bank accounts. The article covers legal issues related to the implementation of mandatory control in the field of opening and maintaining bank accounts of type “C”. The author analyzes the legal issues arising during the implementation of customer identification procedures and reporting to Rosfinmonitoring about operations subject to mandatory control under AML/CFT/FPWMD. Separately, the issues of foreclosure on funds on type “C” accounts in the framework of enforcement proceedings are considered. According to the author, the establishment of the legal regime of the type “C” account based on the decision of the Board of Directors of the Bank of Russia does not entail legal restrictions on the recovery of funds from these accounts in the framework of enforcement proceedings. In conclusion, the author suggests considering the absence of law enforcement and judicial practice, the lack of operational official explanations from authorized bodies, potential contradictions in the provisions of regulatory legal acts of various public authorities as a circumstance mitigating the responsibility of individuals and companies within the framework of compliance with special economic measures.

О правовой природе и существенных условиях договора банковского вклада

The article analyzes the legal nature of the bank deposit agreement. The main civilistic approaches that have developed regarding bank deposits in the domestic legal doctrine are highlighted. The conclusion is made about the independent nature of the contract under consideration, despite its proximity to bank account, loan and storage agreements. Having analyzed the essential terms of this contract, the author comes to the conclusion that, as a rule, the only such condition is the subject of the contract. It is noted that there is no need to change the current legislation regulating the bank deposit agreement.

SECURITY IN SOCIAL MEDIA: AWARNESS OF PHISHING ATTACKS TECHNIQUES AND COUNTER MEASURES

As time and technology progresses, the social media security is one of the basic and most important aspects to consider when browsing the internet.Nowadays all people using social media mostly, using social media is widely spread among different age groups to meet several purposes including education, entertainment, or even pursue a research. With the increase of using smartphones and social media, the cyber security threats also increased. The most widely- perpetrated form of social media attacks is phishing; it is used to gather sensitive personal and professional information such as social security numbers, credit card numbers, bank account numbers, user logins and passwords, as well as other information entered through a web site or online sources. Furthermore, many users of different age groups and mainly the old age people have been exposed to social media security violations most times due to a lack of awareness about phishing attacks and how to address with them. Our paper focuses primarily to make people of all age group aware of exposure to this type of attack while using social media networks. Key Words: Cyber security, Social media, Phishing attack

Impact of Digital Wallets and UPI Payments on Youths at Mysore City

Our pockets have been supplanted with Smartphone’s instead of money. You no longer need to fret if you forget your purse or wallet because you have a digital wallet that allows you to access your bank account in a way that is more secure and safe than using actual cash. The best method to conduct financial transactions gracefully and improve the quality of services for digital users is to use financial technology. The purpose of the research is to comprehend how young people in Mysore City perceive using digital payments. Since most young people and college-bound students are still reliant on their parents, it is common to see them with very little pocket money. As a result, they frequently have little understanding of money matters and are unable to save or budget efficiently in their day to day life Additionally, when they want to spend cash, they typically use digital payment methods like PhonePe, Google Pay, Paytm and BHIM. Hence this research aims to analyze the driving forces behind choosing UPI over other payment methods and to investigate how safe and secure people feel when using UPI and digital wallets. The simplicity of use is one of the primary advantages of digital payments and UPI for young people. These payment options can be easily accessed through smart phone’s and do not require users to have a bank account or credit card. These payment options can be easily accessed through a smartphone or other internet-connected device and do not require users to have a bank account or credit card. They are now especially helpful for young people who might not have the required paperwork to start one due to this. So this study helps to understand the Impact of Digital payments on Youth’s and they by attain measurable information across platforms currently being used in this modern era.

Customer's Decision to Open a Bank Account Using Mobile Banking Application: Case In The Muamalat Digital Islamic Network (MDIN)

<p><em>As digital technology based on the Internet of Things (IOT) develops, it should be able to increase banking access (inclusivity) for customers and attract the interest of potential customers. Banking digitalization is currently much more developed than just transaction features but also includes a savings account opening system. Bank Muamalat Indonesia is one of the sharia banks that participates in the development of digital technology by presenting a mobile banking application called MDIN or Muamalat Digital Islamic Network. Digitalization of sharia banking should provide convenience and attract the interest of potential customers, considering that the market share of sharia financial institutions in Indonesia is still low. This research aims to determine customer preferences for opening a savings account via MDIN.</em><em> </em><em>This research uses a qualitative research method with a case study approach. The objects of research include customer preferences in using MDIN digital banking. The subjects of this research are customers who open savings accounts through MDIN. The research results show that customer preferences in using MDIN as an option for opening a savings account are based on several factors such as social factors, ease of service, benefits and personal factors. Social and personal factors are the most dominant factors in customer</em><em>’</em><em> decision making to open a savings account through MDIN digital banking.</em></p>

Comparative study of deep learning explainability and causal ai for fraud detection

Abstract This study aims to compare deep learning explainability (DLE) with explainable artificial intelligence and causal artificial intelligence (Causal AI) for fraud detection, emphasizing their distinct methodologies and potential to address critical challenges, particularly in finance. An empirical evaluation was conducted using the Bank Account Fraud datasets from NeurIPS 2022. DLE models, including deep learning architectures enhanced with interpretability techniques, were compared against Causal AI models that elucidate causal relationships in the data. DLE models demonstrated high accuracy (95% for Model A and 96% for Model B) and precision (97% for Model A and 95% for Model B) but exhibited reduced recall (98% for Model A and 97% for Model B) due to opaque decision-making processes. By contrast, Causal AI models showed balanced but lower performance with accuracy, precision, and recall, all at 60%. These findings underscore the need for transparent and reliable fraud detection systems, highlighting the trade-offs between model performance and interpretability. This study addresses a significant research gap by providing a comparative analysis of DLE and Causal AI in the context of fraud detection. The insights gained offer practical recommendations for enhancing model interpretability and reliability, contributing to advancements in AI-driven fraud detection systems in the financial sector.

From Exclusion to Inclusion: Understanding the Financial Landscape of University Students in Zimbabwe

The purpose of this study was to assess financial inclusion status of University students in Zimbabwe. In order to achieve this objective, 109 students from across six State Universities participated in the study by completing questionnaires. Data analysis was enhanced through SPSS version 23. The findings of the study reveal that most university students own a bank account. However, a small number are applying and accessing bank loans. In addition, a number of impediments have been found that prevent certain university students from being financially included. These obstacles include insufficient income to fund bank accounts, excessive bank fees, a lack of trust and confidence, and ignorance of the prerequisites for opening a bank account. The study also found that there is a lot of potential in terms of university students' financial inclusion because most of them have smartphones that can be used for online banking, the majority of them said they are considering opening a bank account in the future, and the majority of them said they understand the significance of financial inclusion. The following recommendations were made: the financial sector should provide unique financial services for students under the guise of inexpensive student loans, accounts and financial education.

RatHole: Authentication Algorithm for Controling Access to Mobile Phone File Management System

Millions of Naira are being laundered by criminals through internet fraud, which deceives the victim with a false presentation, or hacking, which involves breaking information system security to steal financial information or data. Cybercrime, more specifically internet fraud, has become a common problem facing the world. In any case, this only occurred if the attacker was able to obtain the victim's account privileges (bank account, credit card information, or login credentials). This work presented an authentication technique that can be inexpensively implemented and used to create a secure architecture that is hard to breach. It can also reduce the amount of overhead that is placed on the authentication server during an attempt at authentication. The possibility of breaking the authentication technique was calculated using probability theory, and the mobile-based authentication algorithm was implemented using Android Studio. The result of this research shows the implementations of RatHole algorithm using android operating system which is file management android app that is being protected with RatHole algorithm and the probability of breaking down the algorithm for 1 to 10 authentication method keeps reducing by averagely 0.12. The implemented Rat-Hole on android devices also consumed 20 to 30 megabytes of data very less than memory consumption of recent research based on block chain solution which consumed 1 gigabyte to 50 gigabyte of memory.

Phishing Detection Using Machine Learning Algorithm

Phishing is a criminal scheme to steal the user’s personal data and other credential information. It is a fraud that acquires victim’s confidential information such as password, bank account detail, credit card number, financial username and password etc. and later it can be misuse by attacker. The use of machine learning algorithms in phishing detection has gained significant attention in recent years. This research paper aims to evaluate the effectiveness of various machine learning algorithms in detecting phishing URL’s/website. The algorithms tested in this study are Decision Tree, Random Forest, Multilayer Perceptron, XGBoost, Autoencoder Neural Network, and Support Vector Machines. A dataset of phishing URLs is used to train and test the algorithms, and their performance is evaluated based on metrics such as accuracy, precision, recall, and F1 Score. The paper takes in data of phished URL from Phishtank and legitimate URL from University of New Brunswick. The results of this study demonstrate that the Random Forest and XGBoost algorithms outperforms other algorithms in terms of accuracy and other performance metrics and the system has an overall accuracy of 98 %.

Про зміни щодо порядку призначення виплат для внутрішньо переміщених осіб України

The article analyzes financial support from the state for internally displaced persons. On the basis of the current legislation, the concept of “internally displaced persons” was characterized. It is noted that internally displaced persons are citizens, foreigners, and stateless persons who permanently or temporarily reside in the territory of Ukraine and are forced to carry out internal displacement within the borders of their country either forcibly or of their own free will. It is indicated that precisely because of the military aggression of the Russian Federation against Ukraine, a large number of Ukrainian citizens were forced to migrate to safe places, saving their lives and the lives of their relatives, therefore, since 2022, the number of displaced people has increased, both within Ukraine and abroad. Statistical data on forced displacement by internally displaced persons are indicated. It is noted that the fact of internal displacement is confirmed by a certificate of registration of an internally displaced person. It was established that the state contributes to providing effective support and assistance in overcoming the challenges caused by the war in Ukraine for internally displaced persons. It is indicated that persons who lost their homes or were forced to relocate from places where hostilities are taking place or from temporarily occupied territories are most in need of housing and financial support. It is indicated that internally displaced persons are provided with financial support for accommodation in the amount of UAH 3,000 for persons with disabilities and children and UAH 2,000 for other persons. However, the Government made changes to the legislation on the appointment of payments for internally displaced persons. It is noted that the payment will not be extended for persons staying abroad for more than 30 calendar days in a row; are serving sentences in places of deprivation of liberty; were convicted of a criminal offence; returned to the abandoned place of residence. It is emphasized that state payments will be stopped to those internally displaced persons who: purchased a new vehicle; purchased for more than UAH 100,000 a plot of land, an apartment, a house of other immovable property; have funds in the deposit bank account(s) in the total amount exceeding UAH 100,000, etc. It has been proven that it is very important for internally displaced persons to continue receiving payments.

Industry 4.0 in Finance, Digital Financial Services and Digital Financial Inclusion in Developing Countries: Opportunities, Challenges, and Possible Policy Responses

Fintech and the adoption of Fourth Industrial Revolution (industry 4.0) technologies have expanded the provision and uptake of digital financial services (DFSs) globally. Digital transformation in the financial industry intended to modify financial service provisioning by reducing the costs of accessing and challenges such as inaccessibility due to remoteness, not having a bank account, not having a credit history, or having erratic incomes. Digital financial inclusion (DFI) aims to ensure that financial services, such as deposits, payments, transfers, withdrawals, investments, accessing insurance and credit, checking account balances, receiving money, and making international remittances, are conducted conveniently, easily, safely, reliably, and affordably. DFI focuses on ensuring access to financial services through digital channels and platforms for individuals, businesses, and households, to promote financial inclusion for all stakeholders, especially previously financially excluded groups. Through a critical review of the literature, this study explores the opportunities and challenges of DFI or the adoption and use of DFS. The review unpacks the possible benefits of using DFSs, which include the broadening financial inclusion, increasing diversity and innovation in the financial services sector, attainment of the SDGs, reduction of poverty, increased economic growth, and minimization of the gender financial inclusion gap, as well as reduction in inequalities. The constraints include the inadequacy of digital infrastructure, taxes on DFS, literacy challenges, digital exclusion, poverty and the gender divide, risks, and lack of trust in the financial services sector. The study recommends appropriate regulation and oversight, literacy enhancement initiatives, investment in digital infrastructure, and increased consumer protection as measures to improve DFI in developing countries.

Новые разъяснения Пленума Верховного Суда РФ о краже и мошенничестве в отношении денежных средств с банковского счета и электронных денежных средств

The article analyzes the latest recommendations of the Supreme Court of the Russian Federation, set out in the updated versions of the resolutions of the Plenum of the Supreme Court of the Russian Federation “On judicial practice in cases of theft, robbery and robbery” and “On judicial practice in cases of fraud, embezzlement and embezzlement”, regarding the determination of the moment of the end of theft in the form of theft and fraud, when they were committed in relation to such a specific subject as funds from a bank account and electronic funds, as well as issues of territorial jurisdiction. The author comes to the conclusion that it is necessary to adhere to a unified approach when determining the end of both theft and fraud, when they were committed in relation to funds from a bank account and electronic funds, regardless of the form in which the theft was committed, and to determine it from the moment of the seizure of electronic funds or funds from a bank account, as well as to determine the places of commission of the crime and the territorial jurisdiction taking into account the specifics of the subject.

Determinants of financial inclusion in Southeast Asia

ABSTRACT This study examines the determinants of financial inclusion – in terms of bank account ownership, formal saving, and formal borrowing – among countries in Southeast Asia. Using the World Bank Global Findex dataset, we document low rates of financial inclusion in Cambodia, Indonesia, Laos, Myanmar and the Philippines. Individuals’ access to finance through borrowing is also generally low. Results show that income, educational attainment, being employed, and mobile phone ownership are positively associated with all three financial inclusion indicators. Age effects are nonlinear and vary across the financial inclusion indicators. Post-regression estimates suggest that the likelihood of formal account ownership is highest for individuals between ages 25 and 35, while formal saving and formal borrowing is most prevalent for those between ages 35 and 65. In relation, we find that the key barriers to opening a bank account in these Southeast Asian countries include costs, bank proximity, lack of trust in financial institutions, and individuals’ inability to complete required documentation. Younger individuals and middle-income individuals are more hesitant to open a formal account if a family member has an account already. Policy interventions targeted at breaking down some of these barriers and widening access to finance would boost growth and inclusion in developing countries.

How informal financial service institutes facilitate the financial inclusion of low-income, unbanked consumers

PurposeThe present study aimed to provide an understanding of the roles of community-based financial service organizations (i.e. rotating savings and credit associations [ROSCAs] as institutional pillars in facilitating low-income, unbanked consumers’ access to informal financial services).Design/methodology/approachSemi-structured interviews were conducted with 39 low-income, unbanked consumers participating in ROSCAs in Pakistan, where only 21% of adults have a bank account and almost four out of five individuals live on a low income. The obtained data were analyzed using the thematic analysis technique.FindingsROSCAs’ regulatory, sociocultural and cognitive aspects facilitate low-income, unbanked consumers’ utilization of informal financial services owing to their approachability by, suitability for, and fairness to such consumers. Thus, they promote such consumers’ financial inclusion.Practical implicationsLow-income consumers are mostly unable to access formal financial services due to the existing supply- and demand-side impediments. Understanding ROSCAs’ institutional functioning can help formal financial service providers create more transformative financial services based on the positive institutional aspects of ROSCAs to enhance poor consumers’ financial inclusion and well-being.Social implicationsThe inclusion of low-income, unbanked consumers in formal banking services will help them better control their finances.Originality/valueMany low-income, unbanked consumers in developing countries utilize informal financial services to meet their basic financial needs, but service researchers have rarely investigated how informal financial institutions function. The present study showed that ROSCAs, as informal institutions, meet low-income, unbanked consumers’ personal, social and financial needs in a befitting manner, which encourages such consumers to use the financial services offered by ROSCAs.

Anemia Prevalence and Socioeconomic Status among Adolescent Girls in Rural Western India: A Cross-Sectional Study.

Anemia poses a significant challenge among Indian adolescent girls due to their heightened vulnerability, resulting from increased micronutrient requirements, rapid physical growth, menstrual blood loss, inadequate nutrition, and socioeconomic disparities. This study sought to evaluate the prevalence of anemia, along with socioeconomic and nutritional statuses among adolescent girls attending rural public schools in Pune, India. A sample of 400 girls was selected from 22 villages through Symbiosis International University. Hemoglobin levels were assessed using the HemoCue 201 system, while standardized protocols were employed for height, weight, and BMI-for-age measurements. Socioeconomic status was determined using the Kuppuswamy scale. The findings revealed an overall anemia prevalence of (42.75%), comprising severe (2.5%), moderate (21%) and mild (20.25%) cases. Additionally, a substantial proportion (74.6%) of girls were classified as underweight. Socioeconomic analysis disclosed that 64.25% of families belonged to the lower middle class, and 27% in the upper lower class. Anemia was more prevalent in young adolescent girls (10-14 years) and in the families of adolescents who had low income, were illiterate, unemployed, and belonged to the lower-middle class and upper-lower-class socio-economic status (SES) and did not have a bank account. Anemia was prevalent in adolescent girls and associated with low SES. This study underscores the limitations of relying solely on the distribution of iron and folic acid tablets to combat anemia. A holistic strategy is imperative, encompassing improvements in SES of families (literacy, employment and income), as well as initiatives aimed at enhancing the nutritional status of adolescent girls.

Awareness, perception, and utilization of the benefits of recently introduced health schemes among the general population of India: A narrative review

Several health schemes have been introduced by the Government of India in recent years. It becomes essential to know the usefulness of these schemes. This narrative review was done to discuss the awareness, perception, and utilisation of the benefits of recent health schemes. Four schemes either introduced or revised between January 2016 and December 2021 namely AB PM-JAY, PMBJP, NPY, and PMSMA were discussed. Thirteen original articles related to these schemes fulfilling inclusion/exclusion criteria were identified using Web of Science, Scopus, Google Scholar, Embase, and PubMed databases.
 
 Awareness about AB PM-JAY was absent among 22.7% to 77% participants. The prerequisites for beneficiaries like non-payment of professional tax and non-ownership of certain household equipment were responsible for missing the benefits among some poor participants. About one-fourth of the participants reported poor awareness and attitude towards PMBJP. To support PMBJP, people wanted doctors to take the initiative by endorsing and prescribing generic medicines available under this scheme. Awareness about NPY was absent among 8.5% participants. As many as 21.5% to 71.5% of tuberculosis patients did not receive its benefits. Only 7.3% to 52.6% of the tuberculosis patients received the first incentive within two months of intensive phase. Common problems reported were unavailability of savings bank account or Aadhaar number, particularly among those from rural areas. About one-fourth of patients utilised the money to meet their family expenses. Hardly 5% were aware of PMSMA and among them just 32% had utilised antenatal care services. Counselling services were not offered to some beneficiaries. Few shortcomings in these health schemes were identified which need to be addressed by the stakeholders.

A Study on Growing Popularity of Digital Wallets among Youngsters in Kerala

Any economy's lifeblood is seen as being money. Transactions are now simple in the current environment because to the constant advancement of technology, the internet, and mobile phones. Money transfers and other payment methods are offered on the market. The primary component of digitization is mobile wallets. As opposed to using cash, people prefer to make digital payments. People now prefer cashless transactions more than they did in the past due to demonetization and the unanticipated COVID outbreak. Because money notes are handled by many different people, the transmission of pathogens is also possible. Mobile wallets have greatly simplified and improved our way of living. A digital wallet safely and conveniently maintains all of the users' payment information. There is far less need to carry actual wallets as a result. Only the mobile wallet allows a smart phone to be used as a wallet. These wallets allow for the secure addition of money as well as direct bank account integration. India is moving towards a digital future. Digital wallets are a key component of the digitization process. Within this little time frame. Based on diverse observations, several academics from across the world have investigated digital wallets. However, there is no evidence that anyone has looked into how prevalent digital wallets are among young people. Therefore, the goal of the study is to determine how common digital wallets are among young people. In this study, the gender disparity in usage, transaction volume, usage experience, and transaction count in digital wallets is being examined.

Corporate governance and Islamic social reporting: Indonesia Islamic banking development roadmap era

This research examines the corporate governance effect on Islamic Social Reporting (ISR). This research was conducted in 2015-2022, used the ISR codification, collected from the annual reports of ten Indonesian Islamic banks, and applied the Stakeholder Theory approach which has never been done previously. The research results show that Board of Commissioners’ meetings, Audit Committee meetings, and Sharia Supervisory Board meetings significantly and positively affect ISR. These findings imply that supervision through the meetings of the Board of Commissioners, Audit Committees, and Sharia Supervisory Board plays a role in detecting ISR. Corporate governance in Islamic banks continuously seeks to maintain sustainability in Islamic banks, including the support for stakeholders. ISR is a form of Islamic bank accountability to show that Islamic banks always prioritize their stakeholders, including the support for the Indonesia Islamic banking development roadmap prepared by the Financial Services Authority.