Developing a tool / systematic way to look for vulnerabilities / risks in e-banking processes

The project will analyze the e- money fraud which is a serious problem in the e-banking. Accordingly, some examples of the e-money fraud will be modeled and are then used to develop a tool or a procedure in order to identify the vulnerabilities and risks in the e-banking process. This will not only help in fixing the exploits in the process but also help banks in preventing future exploits. In addition, this tool can be used for testing the e-banking process before they are deployed.

Introduction: Nowadays, there is a significant increase in the use of online banking and most of the purchases by customers are done via internet. There should be a secure way of performing the online transactions. Though some security measures are taken by the banks, we can still see many frauds taking place in the internet banking. This makes it essential to develop an efficient tool that can identify vulnerabilities in the process and prevent them.

Interested Stakeholders:

As this is related to e-banking, bank organizations will be interested in this tool. Other organizations like e-bay, Amazon can use this tool.

Problem Addressed

The project will focus on the issues of false transactions taking place on the internet.

 Why is the project important?

With the rise of e-money frauds, it is essential to have a tool/procedure to identify the vulnerabilities in the e-banking process. It will provide a good opportunity to apply the concepts learned in the course.

 Benefits to the stakeholders

Organizations can use the tool/procedure to identify the vulnerabilities and hence improving their business and  service to the customers.

 Aim

The project will deliver a tool/systematic way to identify the vulnerabilities in the e-banking process. Models of e-money fraud, procedures to analyze them will be part of intermediate deliverable.

 Technologies and Resources

List of major resources

Websites, newspapers, case studies of e-money frauds, academic technical reports, university library and other sources like twitter.

Technologies

BPNM ( business process modelling notation), C++, Internet Explorer, ORACLE will be used. Use of technologies may change depending on the requirements as the project is still in the planning stage.

 Method and Work Plan

BPNM will be used to develop models of fraud in e-banking process. The developed models are then analyzed in order to develop a tool/ systematic way to identify vulnerabilities. The tool will be developed using C++ and other technologies. Developed tool will be tested if it could identify the threats in the developed models. 

Online Banking System Project in Java

 The main aim of this Online Banking System Application is to provide easiest & secure facilities to the banking customers, The advantage of this online banking method is to reduce the man power & time consumption.

The Introduction of this Online Banking System Project in Java gives you the opportunity to provide your reader with an overview of the document. Firstly, introduce the project information like requirements; secondly, outline the key areas to be covered; and identify all primary aims and objectives of the Online Banking System.

 Attacks on online banking system :

Attacks on electronic banking are becoming very challenging issue today. The main e-banking attacks are Phishing, Trojan horses, Domain Name Server (DNS) spoofing, Pharming, Interception of Networks, Attacks on bank web application programmes, and attacks on database servers. The Phishing and Trojan horses are very severe attacks prone to affect at customer level. In this level, the attack is subjected in between user and computer.

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Bank Management System

On the other hand the Stanford federal credit union was the foremost financial institution to facilitate online Bank Management System services to all of their customers in the year of 1994 October.

These days, plenty of banks are considered to be only internet banks. Unlike their precursors, these only internet banks not at all maintaining big buildings or centralized branches. as an alternative, typically they are differentiating themselves by providing effective interest rates and convenient secure electronic banking facilities.

Online Attacks: Majority of the online attacks in regard to Online Bank Management System used today are largely depends upon to be regarded with suspicion of the user to theft login information and validated Transaction authentication numbers as well as PIN numbers. The best familiar examples for such attacks are Pharming and phishing; X/Cross-site scripting and Trojan horses/Key loggings are those that can also widely used to rob the information and transactional data.

The manipulation of electronic banking patterns was largely based on a type of attack signature uses a software that correct and verifies the banking transactions are displayed on the monitor and fake banking transactions are signed in the background of application.

The most latest Federal deposit insurance corporation’s enterprise architecture technology Incident Report compile from apprehensive activities reports banks file periodical, listed all together 536 cases related to computer hacking and intrusion, with $30,000 average loss per incident filed. That results almost $16million loss in the year of 2007’s second quarter. Computer hackings and intrusions rapidly increased by 150 percent between the 2007 first quarter and the second quarter respectively. Almost in 80-90 percent of the cases, the chief source of the infringement is unidentified but it is only occur during online electronic banking, as the Federal deposit insurance corporation’s report states in their research as day-to-day several new types of intrusions are evolving (Kreizman and Blanton 2005).

The most recent and violent kind of attack is Man-in-the-Middle Trojan attack and is so-called as Man-in-the-browser attack. It was represented as “MitM” where the Trojan horse allows a remote synthetic attacker to destroy and modify the account number destination path and also the amount maintaining in the account.

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Bank Management System Project Report in Java

EVOLUTION OF Bank Management System Project Report in Java: The Online Bank Management System services are well known as distance banking services operated through electronic medium. The predecessor for the online banking services is the detachment banking services through electronic media from the early 1980s. The word online became most popular in the late 1980’s and referred to the use of Information technology infrastructure like computers, servers, and cables to access the bank transactions using a telephone line. Tele banking may also refer to the use of numeric keys to send signals via a telephone line comprising transactional instructions to the bank. The first online banking service started in New York in the year of 1981.  Citibank and Morgan chase provided home banking services using the Minitel-Videotex system. Soon after the commercial failure of videotex system the home banking services on no account become accepted except in France and some European countries where the use of Minitel-videotex was continued by the telecommunication services. In the case of United Kingdom, a data view technology called Prestel was used.

The Bank of Scotland started first home banking services in United Kingdom for their customers of the Nottingham building society in the year of 1983. This home banking system implemented by the Bank of Scotland was based on the United Kingdom’s Prestel system. The Prestel system was also known as View data technology which is developed by Post office limited. The IT infrastructure used for this purpose was BBC Micro computers and Tandata TD1400 systems are jointly connected to the home telephone line and television sets.

The Home link system permitted on-line checking of bank statements, money transfers and payment of bills. With the aim of making money transfers and bill payments, a written form of instructions providing the details of the proposed recipient had to be sent to the Nottingham building society (NBS) a governing body who place the particulars in to the customers ‘Home link system. Distinctive recipients were mainly electricity, gas, and telecommunication companies and their accounts with other national banks. The payment details are to be produced were inputted into the NBS governing system by the account holder/customer through the Prestel home system. A bank cheque was then send by Nottingham building society to the payee and an advice slip giving the complete details of the payment made and was sent to the account holder of the bank. Banker automated clearing service was later on utilized to perform money transfer and the payments directly to the bank.

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Bank Management System Project in Java

Developing a tool/systematic way to look for vulnerabilities and risks in Internet Bank Management System processes.

LITERATURE REVIEW: The attacks and frauds on Online Bank Management System are becoming very severe issue and leaving the banking sector in a deep crisis. This research work mainly concentrates on the types of attacks on internet banking, classification of attacks, structure of different types of attacks, and development of a frame work to tackle the problem.

UNIQUE COMMON FEATURE IN Online Bank Management System:

The common unique feature in Bank Management System is providing support to manage personal finance. This process involves importing of transactional data in to accounting software. The accounting software is considered as banking platform that supports aggregation of a person’s account.

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Banking System in Java Project

In this modern era, technology, and in specific, information technology has become an essential part of everybody’s life.

Internet is being widely used as means of communication and referred as window to the world. People now rely on the internet to search for information, to purchase merchandise and to be informed of different services provided by an organization. Most of the companies (emerging/existing) invest on their websites to promote themselves and the products & services they offer.  As a result, one can purchase a product or utilize a service from any organization of their choice whenever they wish regardless of their location, which is all just a click away.

The use of internet services is not limited to informative or commercial sector but in recent years it extended to banking sector. Now, many banks globally facilitated their customers with Internet Banking System to manage their accounts.

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Internet Banking System Java Project

Significance and Scope of the Internet Banking System Java Project: The main aim of the Internet Banking System Java Project is  to develop a procedure that can identify the vulnerabilities in the existing Internet Banking System  process. The possible threats and attacks evolving in the online banking process are studied to formulate a procedure that can prevent the online fraud.

In order to formulate new security measures that can combat the online fraud, it is important to identify and classify the possible threats in an online banking process, which is within the scope of this java final year project. Identifying the different attacks will help to acquire a good knowledge on how the e-banking process can be interrupted or intercepted and how the information is extracted by the attackers during the process. (from interim report)

The identified attacks are then classified into different categories that will help in understanding their nature, point of target, their intensity and impact on the process, the common features between them and how they differ from each other. The classification will support in developing a procedure that can be applied to identify various threats associated with the e-banking process.

 With the help of identified attacks and their classification a logical procedure is developed that will provide a good opportunity to assess the security of e-banking process. Later, it can help in formulating the new security measures that can be introduced to make e-banking and the internet transactions more secure and reliable from the invasion of threats. This will in turn benefit the banking organizations to prevent the fraud and the losses associated with it. They can provide an efficient and trustable service to the customers. Finally, users will be able to access the online banking with increased security and keep trust in their banks.

Some transactions go through secure lines but some via the internet, where it is prone to different threats

Explain e-banking process step by step

Say how each step can be attacked,

Explaining the issue and why it should be solved

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Online Banking Management System .Net Final Year Project

The following Online Banking Management System .Net Final Year Project discussion briefs possible risks in the Online Banking Management System process at each step. The different attacks mentioned here will be explained further in the following chapters.

The Problem:

However, the rise in popularity of online banking has not only attracted the consumers but also the fraudsters. Online Banking Management System fraud is usually possible when a criminal gains personal information of users by tricking them to enter their details in a website or an e-mail [BBC, 2010]. Fraudulent bank activity in online banking increased significantly every year while being reduced in case of credit/debit cards.

According to UK Cards Association, card fraud has totaled £440m in 2009 which is 28% less compared to the previous year[Bbc, 2010] .At the same time the number of “phishing” attacks rose by 16%.  The fall in card fraud in UK is mainly with the introduction of “Chip and Pin” technology [Frowen, 2010]. This indicates, in the same way some new security measures must be introduced in online banking to prevent fraudulent activity. (from interim)

The losses incurred due to fraud  in Online Banking Management System is alarming and the introduction of new security measures is required to prevent this. The fraudsters use different ways to attack the user’s pc, systems, networks, servers, websites to obtain the required data for fraudulent activities. The different attacks and threats possible on the e- banking are explained thoroughly in the next chapters.

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Banking System VB.Net Project

Banking System final year project is a simple Desktop Application which is developed in VB.Net. The process of Banking System is simple and is usually explained to the customers by their banks when they register in it. The following steps enumerate a typical process of Online Banking System:
1.    First, the user opens a browser and types in the URL of bank’s website. The browser opens the website through an internet connection.       
2.    Opens the login page of e-banking.
3.    In login page, the customer requires to provide his username and password to login. These details are sent to the server over the internet and verified. If they are correct, additional login information is required such as part of memorable information or one-time password must be provided to complete the login process.
4.    The additional login details are again encrypted and sent over the internet to the server for verification. Once the additional information is verified the user is authenticated and provided access to his accounts. Now the user can use different online services the bank provides.
5.    While accessing the accounts, if the user has to perform any transactional operations like transferring the funds to other accounts or setting up the payments he should provide his login information again to authorize any transaction.
6.    When the user is finished accessing his account, he logs out or will be automatically logged out if inactive for some time.

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E Banking System ASP Project

Why Use E Banking System ASP Project?

Convenience and usefulness are the two fundamental reasons of why many people are choosing online banking rather than the traditional banking.

  • The e-banking service provides customers to access their bank accounts using a computer or mobile without necessarily visiting a bank. This will save a great amount of time for customer.
  • Customers can access, manage and perform transactions on their accounts at any time and from any part of the world.
  • They can receive a quick service without waiting in the queues as in traditional banking.
  • Customers have a better choice of service through e-banking.

This also benefits the banks as

  • Use of online banking helps banks to save on the operational costs of maintaining a bank physically. (From Interim report).
  •  The banks can get rid of the paper work involved to perform transactions, which are expensive to maintain.
  • The cost of e-banking transaction is cheaper when compared to branch or phone transactions.

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