Technology-Based Bank Frauds Assignment Example | Topics and Well Written Essays - 750 words

Technology-Based Bank Frauds - Assignment Example When a user enters their details on the website, the hackers are able to access sensitive information such as passwords, usernames and security codes that enable them to commit various crimes. Over time, there has been an increase in reported cases of financial theft. This can be attributed to the advancement in the level of computer software where individuals are able to create software that enables them to conduct various forms of cyber-crimes such as bank fraud Radha (2004). Phishing is mainly targeted at financial institutions, and there has been the increase in the number of reported theft cases. The keylogger software in the attempted bank theft in the London-based Japanese bank Sumitomo Mitsui is a type of spyware that has the ability to record the details used for logging in to a log file. The information is then sent to a specific third-party. Although initially designed for legitimate use such as enabling employers to monitor the employee's use of the work computers, the software has been largely used to commit financial fraud. Once the hackers gain access to passwords and other bank account details, they are able to transfer money from different bank accounts to other accounts, either locally or foreign Radha (2004). The keylogger used in the London case enabled the cybercriminals to keep track of the keystrokes used when the unsuspecting victims used the bank's client interface to access their bank accounts. There is a need to adopt strategies that protect one’s personal information so as to prevent the occurrence of cyber-crimes financial fraud and bank thefts Senator (1995). There exist various technologies that can be used to prevent both phishing and keyloggers. Keyloggers present a major challenge since their purpose is to get access to confidential information. However, one can employ several techniques so as to avoid the threat of keyloggers.