Transcript Keeping Your Money Safe on the Internet

Keeping Your Money Safe
on the Internet
BY: Faris Al Ismaili, Allen Dunn, Qazi Nadeem, Meeran Tariq
INTRODUCTION
 In an age where the world is controlled by the internet and
devices like smart phones and tablets, it’s no surprise how
popular e-commerce has become.
 With all those transactions occurring online, the possibility
for security to be compromised is very high.
INTRODUCTION
 For this PowerPoint, we will focus on three particular areas
where consumers spend a large amount of time:
 buying products on the internet
 paying bills on the internet
 using online banking tools.
 Our goal is to educate ourselves on the vulnerabilities that
exist in online transactions involving money and how we can
protect ourselves from possible identity theft.
BUYING PRODUCTS ONLINE
 With websites like Amazon.com, the ability for a consumer to
purchase products on the internet has never been greater.
 With countless transactions taking place every day, it is
necessary for the consumer to take certain steps to defend
themselves from possible cyber attacks.
 If a consumer’s computer is compromised with a virus, their
information could easily be taken by and used without their
consent.
BUYING PRODUCTS ON THE INTERNET
 Shopping online is convenient for customers, which has lead
to its growth. However it can be dangerous.
 Customers who shop online provide sensitive information
EX: Email address, Street address, Credit card #
 Sensitive information can be compromised online.
By hackers, fake websites, and viruses
BUYING PRODUCTS ON THE INTERNET
 There are 4 types of e-commerce:
 Business to Business (B2B)
EX: Levis clothes to Walmart
 Business to Consumer (B2C)
EX: Walmart to Shopper
 Consumer to Consumer (C2C)
EX: Craigslist or Ebay
 Business to Government (B2G)
EX: Lockheedmartin to U.S Government
BUYING PRODUCTS ON THE INTERNET
 4 Requirements for every e-commerce system
 Privacy (Information must be safe from others)
 Integrity (Information must be not be changed)
 Authentication (Sender & receiver must validate identity)
 Non-repudiation (Information must be proved to have been
sent)
BUYING PRODUCTS ON THE INTERNET
 According to a survey done by Australian Journal of Basic and
applied sciences, these are the reasons why some people
don’t shop online.
 The absence of face-to-face contact between buyer and
seller
 Lack of opportunity to examine directly the merchandise or
the seller’s premises
 Goods cannot be collected immediately upon payment.
BUYING PRODUCTS ON THE INTERNET
 Factors that would build trust between consumer and
business.(in order of importance):
 a return policy being clearly stated
 guaranteed information confidentiality
 virus protection during online transactions
 safe online payment
 an official body to handle online transaction complaints
How to Shop Online Safely
 1. Ensure that you know the identity, location and contact
details of the online retailer.
 2. Find out more about a company's reputation.
 3. Find out about billing, guarantees and delivery before
you buy.
 4. Read the site's privacy policy.
 5. Only use secure websites if you are transferring funds
via the site.
How to Shop Online Safely
 6. Take care when entering information. Be sure to enter the correct details
when typing in your order. An incorrect address, amount of items or wrong
item code can cause many difficulties. Always review the information before
pressing send.
 7. Use a credit card with online fraud protection.
 8. Install a Phishing Filter. There are various phishing filters, like SmartScreen
Filter in Internet Explorer, which will help protect you from phishing sites by
warning you when it detects a distrustful website.
 9. Record purchase details. After purchasing your item, always record the
details of the time, date, receipt number, and order confirmation.
 10. Be aware of email scams designed to part you from your credit card
information.
PAYING BILLS ON THE INTERNET
 The ability to pay bills online is a nearly required item in
today’s ever-increasing electronic environment. Younger
generations do not want to receive a paper bill and send a
check in as payment – this process is outdated and too slow.
 They want to be able to pay their bill online and see that
their account is settled immediately. Like buying products on
the internet, paying bills online can also leave a consumer
vulnerable.
 Whenever personal information is placed on the internet
there is the possibility that it can be compromised.
PAYING BILLS ON THE INTERNET
 Using an online bill pay service from a reputable financial
institution such as your bank or a well-known bill pay site is
safer than handing your credit card to a waitress after a
restaurant meal.
 This is because these services take strong measures to keep
your data secure while a person can easily lift your credit card
or checking account information and use it to make
unauthorized purchases.
PAYING BILLS ON THE INTERNET
 Another selling point for online bill paying is the reduced impact on
the environment.
 An article in the journal National Wildlife stated that “…if all U.S.
households viewed and paid their bills online
 it would save 16.5 million trees
 reduce fuel consumption by 26 million BTUs (enough energy to
power the entire city of San Francisco for a year)
 reduce toxic air pollutants by 3.9 billion pounds of greenhouse
gases (equivalent to taking 355,000 cars off the road)
 reduce toxic wastewater by 13 billion gallons.
Tips for Using Online Bill Pay Safely
 Don't respond to any bill pay service that asks for personal or financial
information directly from an email. Instead of clicking on email links,
go directly out to the website and log in to update information.
 Read the privacy or security policy of the bill pay service you're
considering. The policy should mention strong data encryption and
other measures used to protect you.
 Don’t pay bills from a link in an email. Go out to the bill pay site and log
in to make payments.
 If a bill pay site offers to save the user name password for your account,
bypass the offer. Always enter this information yourself. After you pay
bills online, log out of your account to prevent anyone from accessing it
if you leave your computer.
Tips for Using Online Bill Pay Safely
 When using online bill pay services, it's a good idea to
password protect your computer to at the operating system
level.
 Always use antivirus and firewall software.
 Most online banking and bill pay service require you to
answer some questions or to verify an image you selected
earlier in addition to logging in with your user name and
password. This can slow you down a bit, but it adds another
layer of security.
Banking online moving forward
 In order for banks to stay competitive they are quickly
increasing their online and mobile banking options.
 However If access is obtained to a person’s online banking
abilities they could have all of their money wiped out, leaving
them with nothing.
Embracing Online Banking
 Online banking has taken a firm hold in America, where most residents
have reasonably easy access to a computer and the internet.
 In developing countries it shows that they are embracing the tools of
online banking.
 According to a survey published in the Indian Streams Research Journal,
almost 2/3 of those surveyed indicated that they used online banking.
 Another 2/3 of that group stated that they “strongly agreed” that
online banking was faster than branch banking.
 The survey also revealed that of those respondents who said they do
not use online banking, many do not have access to a computer or do
not have enough knowledge of the internet to do so (Indian Streams
Research Journal, 2013).
Causes and Solutions
 An article in Constanta Maritime University Annals, highlighted
several causes of the risk involved in e-banking services: “frauds,
processing error, faults of the management system or other
unforeseen causes that reset from the incapacity of Bank of
transmitting its products or services.”
 The report also highlighted a long list of items that must be in place
to classify an informational system as secure. This list included, but
was not limited to: confidentiality, authentication, identification of
the information and risk facts, authorized use policy, training,
controls to prevent malicious code, and independent testing
(Constanta Maritime University Annals, 2009).
Who exactly is being targeted?
 Anyone who's using the online banking services.
 Cybercriminals have stepped up their efforts to get hold of
users’ money. Credit card numbers, login details for online
banking, passwords and codes – all this and more is being
collected by malware.
Don’t Fall For It
 An attacker can get access to financial information using several social
engineering techniques.
 A single banking Trojan designed to steal credentials is capable of
cleaning out your online bank account.
 One of the most popular methods of data theft is a mass mailing that
looks like it has been sent by a bank.
 If the link in the message is clicked, the website opens after a short
delay. That delay is the time needed to redirect the link to an infected
page where a malicious object is secretly downloaded onto the victim’s
computer before carrying on to the bank.
 Any data subsequently entered on the banking site will be stolen by the
malware.
CONCLUSION
 There are three areas in which consumers around the world
conduct financial transactions:
 buying products
 paying bills
 and using online banking tools.
 The internet has made these three types of transactions so
simple for the everyday consumer that it is a wonder people
still choose to do things the “old-fashioned” way.
 Despite the obvious advantages using the internet has for
these transactions, it also comes with some associated risks.
 Despite the efforts of banking institutions and online
retailers, there is always the possibility that personal
information will be compromised and used in an
unauthorized manner.
 As such, consumers should always ensure that the website
(or online banking tool) they are using has adequate security
measures in place before entering any personal information.
Bibliography

Ahmadi-Brooghani, Z. (2010). Security Issues in E-Commerce: an Overview. International Review On Computers & Software, 5(5), 575580.

BARBOLE, A. N., & PARAKH, S. D. (2013). THE STUDY OF CONSUMER'S PERSPECTIVE ABOUT INTERNET BANKING: EMPIRICAL
EVIDENCE FROM WESTERN MAHARASHTRA. Indian Streams Research Journal, 3(3), 1-11.

Bazgosha, G., Eizi, N., Nawaser, K., & Parhizgar, M. (2012). Technology of e-banking: perspective of costumers' perceived risk and
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
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
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