The software system used by banks are being reviewed ,modified and improved from time to time by external agencies who are entrusted with such tasks and hence the data going in to the hands of unscrupulous can not be ruled out. Banks will have to masking and subsetting of data before handling the the assignment for development and testing. Sensitive and confidential personal information and business data need to be protected from piracy ,especiaally when they are transferred across inter/intra offices by realiable person. Users access rights are to be periodically verified and documented for survillence. Banks in the future may look to use multi band authenticati on ,requiring use of secondary device to conform online banking transactions.One of the most successful and widespread strategies developed to combat data theft is one time password(OTP) technyeoloogy.It adds extra layer protection that help stem the tide of fraud.
Data loss prevention of business records and that of the customer are of prime focus of data security. The banks need to build customer loyalty ,trust and confidence not only in terms of their product brands but also their data security concerns . They may be authorized to view and correct their personal information and have in palace a redressal mechanism through mediation ,arbitration etc. Helpline for customers to seek clarification and report abuse may be thought of.
Data loss prevention of business records and that of the customer are of prime focus of data security. The banks need to build customer loyalty ,trust and confidence not only in terms of their product brands but also their data security concerns . They may be authorized to view and correct their personal information and have in palace a redressal mechanism through mediation ,arbitration etc. Helpline for customers to seek clarification and report abuse may be thought of.
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