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Payment Solutions and Systems and Risk Management

Payment solutions and systems in India

—Delivery channels :

– ATMs- Debit cards

– POS

– Mobile banking – IMPS

– Internet banking

– e -commerce

– Credit cards

– Prepaid instruments.

ATMs

—Most familiar  Payment channel is ATM

—The customer identification

—Magnetic /Chip based cards.

—Payment solutions and systems act 2007

—ATM Network groups

-NPCI- NFS network

-Cashtree  ATM network –Winded up in 2014.

-BANCS – Co- operative banks network .

-Cashnet

—RBI guidelines for the network/ vendors/settlement  banks On site /off site – On line /off line

— Owned /Outsourced /White label ATMs

—ATM switch: Owned / Outsourced switch

—Cash loading- Front/ back loading

—Networking – Lan /ISDN/MPLS /Vsat

—ATM / Cash dispenser /Kiosk

—Alternative uses

—Deposit of cash, Paying  utilities, like  phone bills, credit card , taxes, etc.) Bank mini statements, e commerce for Purchasing ,transfer of funds

Security

—ATM Security  has several dimensions.

—Physical;

–  Security guards ,cameras ,etc  biometric devices,.

–  Secured doors card operated , convex mirrors ,dye markers .

—Transactional secrecy and integrity

-Encryption of  information.

– Sensitive data in ATM transactions -Triple DES /      –   – Message authentication code (MAC) is also be used to

ensure messages have not been tampered.

—Cash security;

– Insurance of ATMs and cash in the ATM/in transit.

— Man in the middle attack

  – Attaching fake keypads / card readers/skimming devices  .

– Phishing scam

-Keystroke logging.

—Physical cash and cash balancing

-The cash balancing,   Electronic journal,

-Reconciliation/ Surprise cash checking etc

—Access controls

-Access controls consists of two items in ATMs. ATM   maintenance  and for cash replenishment.

—Skimming , Phishing :   Debit and credit card scam.

—Cards  /Pin mailer /delivery – frauds

—Ready kit/Insta card

—Destruction of ATM cards

—Third party SLA

Internet fraud

—Phishy  emails

-Sender asking confirmation about your account details

-Lottery  schemes.

—Links within e-mails

-Fraudsters use these links to lure people to phony web sites

-To check whether the  message is genuine.

—Pharming

-Online ID theft. A virus or malicious program is secretly planted in the computer.

—Public PCs

-Don’t do any financial transactions in public PCs( Cyber café,) keystroke logger.

-Anti virus software /Firewall protection and UPDATE it always.

—Password:

-Never respond to any mails / phone calls asking your password, pin etc

-Dual authentication/ OTP.

-Sensitive information  given in error what to do?

—Shortcuts to your Banks website:

-Always verify the site before accessing it.

-Type the URL address manually.

– Make sure your URL begins with ‘https”

– Never  enter  your personal information in a pop up screen

—Opening of E- mail attachments

 Protect your computers:

Spam filter- helps to reduce the number if phishing e mails

Anti virus – scans all incoming messages for troublesome files

Anti spyware – looks for programs that have been installed and track your online activities without your knowledge and protect you against pharming

Firewalls– Prevent hackers and unauthorized communications from entering your computer

—Phishing can also happen through phone

– Verify the persons identity before passing on information about you and your accounts

Cyber crimes  in cards products

Card Products

—Why credit Card products affected most?

– Easy of operations.

– Transactions done through internet .

– Phishing scam.

—Reasons:

-Weakness in internal control leads to unauthorized /manipulated inputs ( changing names, address ,due date, transfer of funds  etc)

-Security  needs to be tightened as per IISC policy

 Frauds in POS

——POS- Point of sale terminals are installed at shopping centers, malls etc .

— Fraud is committed by getting the  relevant  information on the cards and the CVV code .

— POS machines are handled by Humans  and  their involvement is more in these sorts of frauds .

—Opt for additional pass word  while using the credit cad or debit card  in POS,.

 Risk in Multi channels

—1.Virus attacks: Entry of Virus  is generally through CDs, Thump drives, Internet Intranet, Networks

—2. Bugs: Bugs are different from Virus.

—3.Natural calamities,

—4.Human Errors:

5. Accidental /Intentional deletion of data, Improper shut downs, spillage of water/drinks   etc  on the key board in the system.

—Hacking: Hacker is a person who knows programmable language and how they work.

— Skimming: Capturing  personal account information from the credit card

—Trojan  :Is designed to steal the passwords and send your confidential data.

—Malware: It is a program which hides malicious codes behind an innocent document and can collect usernames/passwords  etc of mail accounts

oE-mail spoofing: Forging an e-mail header to make it appear as if it came from somewhere or some one other than the actual source.

—Debit cards 

—Debit-card theft entails stealing and marrying up two sets of details: data /PIN

——Skimming  how it works : Near -invisible pinhole cameras in and around the ATM booths, plastic overlays over the machine’s card-reader, containing reading equipment that would relay the data to a remote storage device.

—Social engineering techniques

Payment Solutions and Systems and Risk Management

Payment Solutions and Systems and Risk Management

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