Banking Security Research Articles

Security Managers’ Perspectives on Challenges Facing Commercial Banks in Preventing Frauds in Nairobi City County, Kenya

This paper uses data collected for an MA Thesis on Security Managers’ perspectives on challenges facing Commercial Banks in Preventing Frauds in Nairobi County, Kenya. The study was motivated by continued rise of frauds in commercial banks in the county, despite the extensive mitigation measures put in place to deter frauds. The study established the nature of frauds prevalent in Kenya commercial banks in Nairobi County, assessed the determinants of fraud in Kenya commercial banks, determined Bank Security Managers Capacity in fraud prevention, and finally examined Security Managers perceptions on the relationship between the existing preventive measures and emerging Bank fraud trends in Nairobi County, Kenya. The study was grounded by the Fraud Triangle concept and adopted a case study qualitative design. The main method of data collection was the interview. The study comprises of 50 respondents: 39 main respondents and 11 Key Informants. The census sampling Method was used to select respondents for the study. Data was transcribed and the transcriptions coded using NVIVO software. The study established three major types of frauds; Management frauds, Non-Management Frauds and Third Party Frauds, all said to be on an increase trend. According to this study fraud rates are higher at Nairobi County (90%), than at other counties (70%). Mobile and Internet banking frauds were found to be the new threats challenging commercial banks because by their very nature because of technological sophistication, were committed from geographical location including outside the country. The study established two major determinants of frauds; Fraudsters Perspectives and institutional related factors. Major fraudster’s perspectives include; condition under which people can rationalize their prospective crimes, opportunities to commit crimes, perceived suitability of targets for fraud, technical ability of the fraudster, the possibility and likelihood of the fraud being discovered and the nature of consequences. Institutional factors that influence fraud prevalence include; weak accounting and control systems, and ineffective internal audits. According to the study, technological sophistication has outsmarted many security managers in the banking sector, because of their technological skills gaps in Fraud forensics. Finally, the study established the relationship between existing preventive measures and emerging Bank fraud trends in Nairobi County. Major policy recommendations suggested to cut frauds at the nib include; benchmarking for best internationally recognized standards such as carrying out expected and unexpected audits, enforced internal controls, regular training of security managers, and review of commercial banks organogram that will place security managers at a position to police frauds perpetrated by management.

The issue of economic and legal prerequisites for the emergence and development of compliance in the banking sector

The article examines the issue of prerequisites for the emergence and development of compliance, which is becoming increasingly widespread in the sphere of business in Ukraine. Compliance control is a necessary and mandatory element of the activities of Western companies, both financial and representatives of other areas of business. Compliance came to Ukraine relatively recently and has not become widespread in domestic business. The issue of compliance is relatively new not only for domestic financial science and law enforcement practice, but also for industries, agriculture, and medicine in the framework of control, prevention and prevention of risks associated with non-compliance with the requirements, rules, and regulations of the law. That is why in the field of ensuring banking security, it is necessary to comply with the requirements of the legislation regulating relations in the field of banking activity, with the aim of increasing the efficiency of operations, increasing competitiveness and investment attractiveness. Failure to comply with this requirement may cause irreversible consequences for the banking institution itself, for the state, as well as for investors, partners, shareholders and customers. Prevention of these negative consequences is the task of an effective banking compliance system as an element of Ukraine's economic security. For a better understanding of the meaning of the compliance procedure, in the article, the author singles out the economic and legal prerequisites for the emergence of compliance, its importance, development in Ukraine, and the consequences of applying this procedure. Recently, the banking system of Ukraine has been significantly affected by changes in economic conditions, namely military actions that caused a decrease in assets, created a large number of risks and threats for banking institutions. The current state of Ukrainian control over compliance with legislation in the compliance system in banking requires research and a critical analysis of its regulatory framework in Ukraine to determine effective directions for the development of legislation in this area. The author analyzed international compliance documents that define the principles of compliance, contain recommendations for building an effective compliance function, establish mechanisms for the implementation and functioning of the compliance control system, regulate issues of identification, assessment, management, and timely notification when compliance risks are identified.

Impact factors and structural analysis of the state's financial security

The concept of state financial security is a key one, due to the fact that it reflects the state of the country, its public finances, as well as the state of the financial sector operating within it. An adequate level of state financial security can create optimal conditions for the development of the financial system, financial stability, as well as for the country's economic development and investment attractiveness. One of the main factors that determine a high level of state financial security is the stability of the financial sector. Given that the assets of the banking sector account for a significant, if not an overwhelming share of the total assets of the financial sector, this sector plays a key role in the economy as a whole. Therefore, a stable and secure banking sector is an important element affecting the level of financial security of a country. The paper attempts to define the concept of state financial security and to present its relevance. In addition, the paper also aimed to identify the main factors that most influence the level of state financial security. Eight indicators, generally accepted as those describing the level of state financial security, were applied in the paper and used as the basis for an econometric model expressing the relationship between them and the stable development of the banking sector. The study showed that the stability of the Polish banking sector determined the financial security of the state.

Customer Satisfaction Analysis of E Banking Users: A field study of Conventional Bank in Jember city

The banking industry is currently growing rapidly by utilizing and optimizing management information and technology in the form of e-banking as an efficient means of a satisfying customer. Online-based services at banks are more efficient services to help customers. Technological advances have been used to attract customer for bank transactions. Therefore, customer satisfaction is a priority in banking activities. Customer satisfaction is an important factor in maintaining a competitive advantage in the era of technological development. This research is a form of replication that use the subject of bank customer of e-banking user in Jember city. The aim of the research is to determine the factors that influence customer satisfaction of e-banking users. The role of cloud service, security banking system, e-learning and service quality are four factors that can drive customer satisfaction. This research uses quantitative methods with multiple linear regression analysis. The sample use in this research amunted 125 respondents. This research find that cloud service, e-learning and service quality significantly affect on customer satisfaction, on the other hand security banking system has no effect on customer satisfaction.

Secure banking and international trade digitization using blockchain

Traditional trade processes suffer from a great number of issues about intermediaries, information latency and trust, which, in turn, hinder overall process efficiency. The emerging blockchain technology may have potentials to mitigate those issues by revolutionizing business processes across enterprise borders in various industries. The security of smart contract technology and anti-money-laundering is utilized in tandem to combat the flaws of traditional banking. By decentralizing we can circumvent some of its defects, and achieve autonomous, fast and safe foreign goods trade. The purpose of this paper is to examine the current obstacles in letter of credit and bank transfers related to the imported foreign goods, and suggest a solution using the blockchain technology. Comparative analysis and feasibility study were conducted to identify and validate the prospects, in terms of facilitating process flow and enhancing overall trade performance, of the proposed blockchain-based international trade process model. This study contributes to the conceptual design of a blockchain- and smart-contract based process along with a provision of practical case in business process re-engineering. Further endeavors devoted to blockchain research and application across different sectors are suggested to reach better performance of business process operations.

THE EFFECT OF THE USE OF MOBILE BANKING ON STUDENTS OF JAKARTA STATE UNIVERSITY

This study aims to determine the effect of bank security and reputation on decisions to use mobile banking for students at the State University of Jakarta. This study uses a quantitative approach. The data in this study are primary data using a questionnaire. The population in this study were students of the Faculty of Economics, State University of Jakarta, Class of 2018. The sample selection used a purposive sampling technique. The respondents in this study were 200 students of the 2018 State University of Jakarta. The analytical method used was multiple regression analysis. The results of the study indicate that there is an influence of security on the decision to use mobile banking. In addition, there is the effect of bank reputation on the decision to use mobile banking

A new era of bank security challenges

Beyond the human toll exacted by the Covid-19 pandemic, one of the most significant lasting impacts of the spread of the virus and its numerous variants will be how it fundamentally changed business operations for many industries, and banking is no exception. As work and consumer habits due to the pandemic, financial institutions must evolve their security programmes accordingly.

ICT Adoption and Performance of Tea Farmers Payment by Co-Operative Societies in Kericho County, Kenya

Purpose: The study seeks to establish Information and Communication Technology adoption and performance of tea farmer’s payment by Co-operative Societies in Kericho County that are privately owned with reference to Kericho County.
 Methodology: The study used quantitative and qualitative methodology to collect data, analyze and report findings regards to effect of Information and Communication Technology adoption and performance of farmer’s payment Cooperatives in Kericho County, Kenya. The study tested Technology of Diffusion Theory that goes hand in hand with Technology Acceptance Model (TAM) to justify adoption of ICT has a significant impact to performance of farmers payment Cooperatives in Kericho County, Kenya. The study classified the target population into strata that is groups of 6 based on the villages with farmers that supply tea to 5 private owned tea factories in Kericho County. The total population used in this study was 828 farmers from 5 tea factories in Kericho County. A structured questionnaire was administered to 263 tea farmers who were divided based on 6 villages to collect primary data.
 Findings: The study findings indicated that mobile wallet, mobile banking security, quality content service provided by the mobile financial service providers and access to account information contribute positively to payment performance of privately owned tea cooperatives.
 Unique Contribution to Theory, Practice and Policy: This study recommends utilization of mobile wallet, mobile banking security, quality content service provided by the mobile financial service providers and access to account information to enhance performance of tea farmer’s payment by Co-operatives. This theory may be used by different Cooperatives regarding the utilization of the digital platform and how it can contribute to the maximization of profits in the organizations. It will facilitate individual researchers and scholars to identify gaps in the current research and carry out research in those areas, the work will also be used by academicians who will want to study similar area. Policy makers in the government and Cooperatives may use TAM theory to gain understanding on the effects of adoption of Information and Communication Technology has on performance of farmers payment Cooperatives. This remains instrumental in identifying areas that need reforms and in the making of policies that are favorable in the investment of ICT infrastructure in the country.

Perlindungan Hukum Terhadap Keamanan Rahasia Bank dalam Menjaga Kepentingan Nasabah Perbankan

Banking is a driving force for national development. In order to avoid misappropriation of customer finances, it is necessary to make rules that prohibit banks from providing registered information to anyone relating to customer finances and deposits as regulated in Law Number 10 of 1998 concerning Banking except in certain cases which are explicitly stated in the Act. the law. The security of bank secrecy needs to be safeguarded under the legal umbrella for the benefit of customers and bank security. Violation of this provision is considered a banking crime and can be subject to criminal or civil sanctions. The conclusion in this thesis is that bank secrecy is important because banks as financial institutions are obliged to provide protection to customers. The research in this thesis uses the normative legal method which is carried out or aimed only at written regulations and or legislation, legal principles and expert opinions. This type of research is qualitative through a literature review (Library Research).

Increased E-commerce and Fintech Transactions During the Covid-19 Pandemic

Activity restrictions to suppress the spread of the Covid-19 virus have made people take advantage of existing technology as well as the emergence of e-commerce and the ease of transactions creating business opportunities that greatly assist people in meeting their needs without having to leave the house and interact with many people. Researchers want to know the influence of the development of fintech, e-commerce, delivery services, lifestyle and banking security on meeting the online needs of the millennial community among students. The research method used is quantitative research with a sample of millennial society from Tidar University and Stekom University students. Various e-commerce applications, social media, fintech and online transportation are the most widely used by respondents 94.2% shoppe, 49.7% whatsapp and grab. Technological sophistication affects lifestyle in meeting needs during the pandemic because more than 75% answered agree and 45% strongly agreed. The lifestyle of today's society by utilizing technology becomes faster, more effective and efficient because more than 75% answered agree and 50% answered strongly agree. Respondents from Tidar University and Stekom University operate e-commerce applications that are available by taking advantage of the ease of transactions, 90% agree. The results of student responses to promos or free shipping coupons made them interested in making online purchases, 80% answered strongly agree. The results of the survey of student respondents regarding the security and ease of payment from banking services to conduct transactions either through e-banking or top up answered 75% agreed.

Network structure and fragmentation of the Argentinean interbank markets

This paper studies the network structure and fragmentation of the Argentinean interbank market. Both the unsecured (CALL) and the secured (REPO) markets are examined, applying complex network analysis. Results indicate that, although the secured market has less participants, its nodes are more densely connected than in the unsecured market. The interrelationships in the unsecured market are less stable, making its structure more volatile and vulnerable to negative shocks. The analysis identifies two 'hidden' underlying sub-networks within the REPO market: one based on the transactions collateralized by Treasury bonds (REPO-T) and other based on the operations collateralized by Central Bank (CB) securities (REPO-CB). The changes in monetary policy stance and monetary conditions seem to have a substantially smaller impact in the former than in the latter 'sub-market'. The connectivity levels within the REPO-T market and its structure remain relatively unaffected by the (in some period pronounced) swings in the other segment of the market. Hence, the REPO market shows signs of fragmentation in its inner structure, according to the type of collateral asset involved in the transactions, so the average REPO interest rate reflects the interplay between these two partially fragmented sub-markets. This mixed structure of the REPO market entails one of the main sources of differentiation with respect to the CALL market.

Improving Helpdesk Capability in Perum Peruri Through Service Catalog Management Based on ITIL V3

Perusahaan Umum Percetakan Uang Republik Indonesia (PERUM PERURI) is a government entity responsible for the printing and security of coins and bank notes of Bank Indonesia (BI) which is required to implement Good Corporate Governance (GCG). Previous evaluation of information technology governance indicates that PERUM PERURI needs to improve its helpdesk capability in providing IT services to all users. The first thing that needs to be done is developing and maintaining IT service catalogue, which serves as sole source of information regarding all of IT services provided by the IT division. The design of Service Catalog Management uses framework ITIL Version 3 best practice in services. This research uses Design Thinking Approach as a method in implementing a solution that has 5 stages, namely: Empathy, Define, Ideate, Prototype and Test. The implementation of the Design Thinking aims to produce an idea execution that meets user needs through understanding the user's character and providing a helicopter view (Prototype) of the Business Service Catalog so that users can provide experiences and feedback so that they can be a solution to the problems faced by the Business Service Catalog. This research produces two documents from Service Catalog Management, namely: 1). Business Service Catalog;, and 2). Technical Service Catalog. It is hoped that this Service Catalog document will be able to become a complete source of information, knowledge, reference regarding services to service users and service providers in order to minimize problems regarding helpdesk Peruri IT Division.

Wireless communication based cloud network architecture using AI assisted with IoT for FinTech application

Financial Technology has revolutionized the delivery and usage of the autonomous operations and processes to improve the financial services. Banks and Financial institutions play a crucial role in economic development of country albeit slow to embrace IoT technology. Integrating Artificial Intelligence in IoT enhances IoT performance by analysing the information and extracting knowledge therefore making them more intelligent. so this paper enables the cloud based wireless communication network architecture integrated with IoT in Financial Technology (FinTech) where the data have been collected by cloud based server incorporated with secure transaction based authentication protocol (STAP) to identify the malicious users and fraudulent in bank transactions. The collected data from cloud server has been classified based on deep Q- learning (DQL) which uses training and testing by neural networks. By enhancing the authentication protocol during the transactions will improve the security of the banking networks and by classifying the cloud data it will identify whether there are any unauthenticated users proceed with the transaction without knowledge of the banking sector. The experimental analysis was carried out based on both secure transactions based authentication protocol and deep Q-learning through the parameters in terms of authentication protocol, security rate of the network, average end-to-end delay and cloud data based classification for secure bank transactions.

Innovative approaches to cloud security in IOT-enabled banking systems

Machine to machine connectivity in banking processes with IoT devices linked with cloud have brought in lot of innovation in terms of productivity and customer satisfaction. But at the same time this integration carry out the harder security issues that need new approaches to solving. This hence shapes the subject of this piece where the author discusses the changes that have been witnessed in the IoT banking sector the major security threats as well as explain the difference between the traditional and the modern bank security. It discusses measures for protecting against risks such as Zero Trust Architecture, artificial intelligence, space discriminating technology known as blockchain, edge computing, and device identity and access management. It also looks into new topics like quantum-resistant cryptography, 5G networks, developments of AI and machine learning. The article carries out examples of such strategies applied by well-established financial organizations and discusses potential developments toward Cloud security advancements for IoT integrated banking systems.

Real Time Security System using Yolo Technology

For the majority of individuals, safety has now become a top priority. The rise in bank threats is concerning, as banks are frequently targeted by criminals. The rise in bank crimes has become a severe problem. To combat such dangers, it is critical to verify the identity of the person who enters the bank. The primary goal of this project is to create a gadget for bank security using Image processing. Because of this, many individuals who may or may not know us are gaining access to our personal workspace. There are other difficulties, such as the loss of important papers and valuables. Even the most advanced technology, such as a fingerprint sensor lock, may be easily opened. As a result, we will create an AI-based security room and locker system to address this issue. With the aid of our growing project, we were able to use facial recognition to discover and analyze people, as well as monitor them. In the proposed work, we apply LBPH (local binary pattern) and machine learning approaches to tackle the present system problem of reducing the recognize time of many items in less time with the best time complexity.

Cyber Security and Internet Banking: Issues and Preventive Measures

The internet brought a new revolution to the financial sector and it has changed the way of operations in the last two decades. Now, people have the option to carry out banking transactions from a place of their choice without having to go to a nearby bank office. E-banking has become an integral part of the banking system and has become a popular method of transaction for the majority of people. A user has a wide range of options for managing his money through numerous internet banking methods. While internet banking is an aid for customers, they still have to be vigilant to keep their accounts safe from cybercriminals and hackers, as everything on the internet is prone to security threats. Internet security measures followed by the majority of the bank sites to protect their information are not up-to-date as compared to the dynamic cyber threats. Such problems have made it easy for confidential financial information to fall into the hands of third parties and cybercriminals. Although there are several security measures to stop data breaches, there are still flaws in these systems. The goal of this study article is to look at the number of cyber security issues in internet banking in India and the consumer’s awareness of these issues and preventive measures used by them. Our research is particularly based on primary data.

TAM Approach: Effect of Security on Customer Behavioral Intentions to Use Mobile Banking

As the use of mobile banking continues to grow, attention must be paid to the security of financial transactions. The purpose of this study is to investigate the impact of security levels on the intent of users of mobile banking. This study uses the widely used Technology Acceptance Model (TAM) to investigate user acceptance of information technology. By distributing an online survey, we used mobile banking to collect data from 100 respondents. The data analysis was processed using a SmartPLS application with structural equation modeling (SEM) methods. The results of this analysis show that the security of mobile banking has a significant positive impact on the perceived usefulness of mobile banking. However, security is not the main reason users use mobile banking. This means that customers will continue to use mobile banking, regardless of security. In addition, security does not significantly affect the ease of use of mobile banking. The study also found that the benefits of mobile banking have a significant impact on user intent. The ease of use of mobile banking also has a significant impact on the perceived benefits

Face and Voice Authentication System

Abstract: The issue of design and security is very predominant in any financial and business organization, especially such organization as a bank. Therefore, we intend to aid in security of the bank by bringing in an Artificial intelligence system that involves an individual to get an access to some items using face and voice recognition security system. This AI system is not just a normal password lock system that require a user to insert password and gain access to some items, it is a system that has an administrative authentication. In addition, with this kind of security authentication system we intend to implement, a highly secured AI feature, which enables the user with assured and highly secured transactions using their personal frame. Here an individual have to provide the face and voice authentication, which uses different algorithms, and is read by the AI server for clarification and verification. From this project, we hope to build an alternative and highly verified security for banks. Keywords: Artificial intelligence, administrative authentication, secured transactions, financial, business, organization.

Exploring behavioral barriers and interventions in retirement savings: Findings from online focus groups among university students

In a number of countries around the world, population ageing raises concerns about the sustainability of pension systems. A younger generation has conventionally been least likely to save for retirement even if there is a need to take individual responsibility and start saving for their retirement as soon as possible. In this context, the aim of the paper is to identify behavioral barriers and interventions towards retirement savings ceiling to this part of the productive population. For this purpose, three online focus groups were deployed among 16 university students aged 23-24 years. Using the coding process, common categories, related codes and frequencies of responses were determined from the transcribed material. The results pointed at two crucial barriers related to retirement savings: behavioral (present bias, status quo bias, loss aversion, limited attention) and institutional (education, pension policy and trustworthiness of the state institutions). Additionally, three main categories of behavioral interventions were detected to overcome these barriers: simplification of decision-making (easy calculation of pension, default options), use of salience effects (information campaigns, visualization tools, personalized content) and minimizing feelings of loss (framing of messages, financial incentives, products with different types of liquidity). Based on findings, recommendations were formulated for three groups of stakeholders: government, industry (financial providers and pension funds) and employers. The results bring valuable insights to relevant stakeholders regarding behaviors and attitudes of the young generation on retirement savings issues. AcknowledgmentsThis contribution was written with the support of the Technology Agency of the Czech Republic, project number TL03000737 titled as “Behavioral economics as a population activation targeted tool within use of financial security banking products.”

Ensuring financial security of the region in the conditions of the economic crisis

The article analyzes one of the main problems of the modern economy – the economic security of a
 bank based on capital use procedures. The role of commercial and central banks in the Russian Federation is determined. Along with this, the system is considered in detail.
 the components of economic security in general, as well as their characteristics. Special attention is
 paid to the bank's security levels and their threats, as a result of which a description is given. Attention
 is focused on the functions of bank capital and its components. The indicators on the basis of which
 the capital is assessed are highlighted. Arguments are given about the proposal to increase bank reserves, on the basis of which the negative and positive consequences of this proposal are highlighted.