Posted by: snukoantitheft | December 23, 2010

Security and Identity Theft Issues in the Banking Industry

With the increase in online banking and e-transactions, banks are fast becoming the next victims of cyber crime. The responsibility of protecting information lies not only with the bank authorities but also with the customers.

As the revolution of e-banking continues to boom, banks and other financial institutions are forced to endure their uphill battle with hackers and bad cyber guys. According to a recent study, the cases of cyber frauds and attacks have been on the rise for the past three years. The cyber crimes are plaguing not only the big enterprises and well-flourished businesses but the small companies as well. The fear of identity theft is continually discouraging consumers from actively participating in online banking.

As an anti-theft measure, banks are now employing the use of GPS navigation systems. This technology is successfully managing to discourage bank robbers from benefiting from their loot. The GPS tracking systems are positioned on cash boxes. This helps trace money to and from guarded vaults and vehicles. A tiny, wireless modem is attached with the device and placed among cash bundles. They are so small that they go unnoticed in vinyl envelopes, transport bags and containers. The modem works in a way that is similar to the car tracking system.

Nowadays, the money trackers are also being used effectively. These devices can easily be placed on money in an inconspicuous way. These devices, too, are very small and can be attached to currency. While they stay inactive in the teller’s drawer, they jump to an active state the minute they are removed to a magnetic field. The security is alerted that the system is on the move and can be tracked down with the GPS technology.

For identity theft, the banks are now installing software systems that can be used to protect all the sensitive data on their systems. The BlackBox software released by Snuko is proving to be extremely efficient in protecting client information. This software is adept at taking pictures and videos of those who are using the system. Also, it takes regular screen shots of the desktop so that you can figure out what an unauthorized user is doing with the computer. This software can be used on laptops and mobile devices too.

But the security issue does not lie entirely with the banks. Banks do take adequate measures to protect client information, but customers too should stay alert on their end. A good anti-theft measure is to never use a computer other than your own for online banking and transactions. This includes the computers in Internet cafes because the owners are forced to store your logged-in data and you can never be too sure that it is entirely safe. Also, maintain your passwords and keep them long and strong. They should be difficult to guess and hard to crack. Also, beware of panic emails that require you to fill in your financial information. Remember that no bank will ask you to do this online. This is a cyber crime popularly known as phishing, where the criminal will pose as a bank authority asking you for your private information. If your mobile device or laptop houses confidential and financial data, protect it with a software like Snuko. In case you lose your device and it finds its way into the hands of a criminal, your data will remain secure.