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fraud

            
             Protecting Your Bank's Online Identity: A Vital Step In .
            
            
             The article that I have chosen deals with important steps a bank needs to take to protect its customers from cyber fraud. The Office of the Comptroller of the Currency (OCC) has warned banks to take the preventive steps to monitor their website brand names and most importantly, domain names. The OCC is demanding that banks take preventive measures; otherwise they may find themselves in violation of the OCC guidelines.
             The first preventive measure that the OCC advises banks to use is to control domain name selection and registration. The OCC recognized that fraud on the Internet was a serious problem and fictitious websites were using similar domain names of banks to mislead the customer into their site to get their personal and financial information. By registering the domain name and taking measures to protect against domain name server intrusions, the bank is insuring security to its customers.
             The second measure is to control changes to domain name registration. Banks need to be aware of all possible domain name variations related to the bank's name to ensure security. This measure may entail a portfolio of thousands of domain names. If they do not, then a cyber criminal might set up a domain name that is very similar to the legitimate site. This poses serious problems because it is a trap that lures customers to fraudulent sites and entices them to give their financial information. But buy doing so prevents loss of clientele and it maintains the company's solid reputation.
             The third measure is protecting against domain server intrusions. This is vital for the stability and livelihood of any web-based commerce because if the domain server is susceptible to hacking and other forms of manipulation, it will scare costumers away. In order to have a successful and reputable domain name, the system needs to be protected, otherwise the reputation of the bank will be under fire.


Essays Related to fraud

1. Fraud

The Association of Certified Fraud Examiners, the recognized authority in fraud examination, defines occupational fraud as "the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources or assets." In the association's "2002 Report to the Nation on Occupational Fraud and Abuse," they estimate that 6% of gross revenue is lost to fraud. ... Unlike most forms of fraud, financial statement fraud is a crime normally committed by senior level management. ... Types of Financial Statement Fraud There a...

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2. MARITIME FRAUDS IN CHINA

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3. Short Story - The Tooth Fairy Fraud

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4. Fraud

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  • Word Count: 1498
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5. Computer Fraud

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6. Legislation of The Sarbanes-Oxley Act of 2002

Still there is not really any substantial evidence that fraud risk or actual fraud had been lowered because of the Sarbanes-Oxley Act of 2002. ... The SOX should encourage most organizations to use diligence to try and prevent fraud or theft. ... More focus on controls will probably lead to more reliable financials and a reduced risk of fraud, and it is to be believed that more legislation is not the answer to the issue pertaining to fraud within organizations. ... Proactive fraud prevention implemented through corporation management will have to be the key to prevent fraud within organization...

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7. The Sarbanes-Oxley Act of 2002

Still there is not really any substantial evidence that fraud risk or actual fraud had been lowered because of the Sarbanes-Oxley Act of 2002. ... The SOX should encourage most organizations to use diligence to try and prevent fraud or theft. ... More focus on controls will probably lead to more reliable financials and a reduced risk of fraud, and it is to be believed that more legislation is not the answer to the issue pertaining to fraud within organizations. ... Proactive fraud prevention implemented through corporation management will have to be the key to prevent fraud within organization...

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8. The Miano Billing Scheme

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  • Word Count: 673
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9. Paternity Fraud

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  • Word Count: 846
  • Approx Pages: 3
  • Grade Level: High School

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