The project will be conducted using secondary data to determine which information security systems have worked and which ones have not. It will additionally determine how fraudsters are getting around security systems to access information. This will be done in order to determine the best way to protect customers. Thus, the project will take between 5 to 7 weeks.
Evaluation of solutions
1. Provision of information
Phishing is growing at a fast rate. Between 2004 and 2006; incidences increased by 8000% in the United Kingdom alone. Banks may help their customers avoid such swindles by providing them with the necessary information they may need. This may be by informing them of ways in which they can be defrauded, what it would mean and what they can do to protect themselves.
2. Give up online banking in favor of telephone banking
Alternatively, banks may help their users by encouraging them to conduct their financial transactions over the phone instead of using the internet. This is an easier way of transacting as many banks operate call centres which are manned by their staff. Therefore, banks that do not have call centres should strive to introduce them in order to ensure that only the customers and the employees have access to this sensitive information.
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