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Social Issues on Information Technology That Affects Banking Sector

In: Computers and Technology

Submitted By karina3796
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* Banks, usually take help of various Information Technology (IT) basedchannels to provide their banking and other services. For this purpose, they are in need to provide continuous and frequent information about their services. We can use IT as a strong means to fulfill our objectives social and ethical banking.
The IT based banking services are as follows:
Mobile Banking is a new and emerging concept. Large numbers of people are still not aware about usage of mobile banking. In this, one's mobile phone is used to conduct banking transactions.
• The popularity of Online Banking is significantly increasing day by day. It is a term used for performing various transactions, payments, and account statements etc. with the help of Internet.
• Relationship Managers, mostly for private banking or business banking, often visit customers at their homes or businesses.
• Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch clarification.

* Frauds and deceptions have been the bane of banking and finance down the ages. Advent of computers have not only made novel ways of fraud possible, but also made the consequence of such frauds – the quantum of potential loss astronomical. The banks are susceptible to frauds both from external as well as internal sources. In a white paper title “Dissecting Operation High Roller”3 McAfee and Guardian Analytics have indicated a cyber fraud with objective to siphon large amounts from high balance accounts. The white paper states that the criminals have attempted at least €60 million (US$78 million) in fraudulent transfers from accounts at 60 or more financial institutions (FIs). If…...

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