Internet Banking Challenges
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Questions and Answers

What was the number of customers using Internet Banking services in 2020?

  • 2,44,30,983
  • 1,98,97,516
  • 27,42,241
  • 32,45,333 (correct)

    • What is a major challenge faced by banks regarding Internet Banking?

  • Lack of budget for purchasing security tools
  • Disruption in link connectivity of Web server
  • Cyber-attack and customer awareness (correct)
  • Insufficient technical knowledge among customers

    • What is a common issue faced by customers when using Internet Banking services?

  • Phishing attacks
  • SQL injections
  • DDOS attacks
  • Forgetting security credentials (correct)

    • Why do customers become dissatisfied with Internet Banking services?

    <p>Due to hardware and software-based token for 2FA</p> Signup and view all the answers

    What is a challenge faced by banks in terms of providing Internet Banking services?

    <p>All of the above</p> Signup and view all the answers

    What is the primary advantage of a core banking software's security integration?

    <p>Providing tight security to both banks and customers</p> Signup and view all the answers

    What feature helps prevent money mismanagement and fraudulent transactions in online banking?

    <p>Dual authentication processes</p> Signup and view all the answers

    Why is customer communication important in electronic banking?

    <p>To inform customers of issues with their accounts</p> Signup and view all the answers

    What is a key benefit of virtual banking mobile apps and net banking facilities?

    <p>Uninterrupted access to banking activities</p> Signup and view all the answers

    What is a potential risk of online banking if not properly secured?

    <p>Money mismanagement and fraudulent transactions</p> Signup and view all the answers

    What is a major concern when it comes to information on the Web?

    <p>There is no quality assurance for the information</p> Signup and view all the answers

    What is the primary advantage of the Web in terms of information discovery?

    <p>It allows users to access information from anywhere</p> Signup and view all the answers

    What is a result of the democratic nature of the Web?

    <p>Anyone can post information</p> Signup and view all the answers

    What is the core banking solution (CBS) platform used for in banking?

    <p>To deliver banking services internally</p> Signup and view all the answers

    What is the result of the introduction of computer and internet facility in banking industry?

    <p>An increase in the needs of people</p> Signup and view all the answers

    What is a key benefit of using IT in banks?

    <p>Reducing the cost of operation</p> Signup and view all the answers

    What is a significant advantage of e-banking over traditional banking?

    <p>24×7 banking facilities</p> Signup and view all the answers

    What is the role of IT in achieving competitive advantage in banks?

    <p>It is a key factor</p> Signup and view all the answers

    What is a benefit of using credit cards and debit cards in e-banking?

    <p>Discounts from retail outlets</p> Signup and view all the answers

    What was the approximate investment in IT operations in the banking sector in 2016?

    <p>Tk. 1793 crore</p> Signup and view all the answers

    What is a major security concern in Internet Banking?

    <p>Unauthorized access to account information</p> Signup and view all the answers

    What is a prerequisite for using Internet Banking services?

    <p>Having an active Internet connection</p> Signup and view all the answers

    What is an advantage of Internet Banking in terms of record-keeping?

    <p>Internet Banking helps in maintaining genuine records</p> Signup and view all the answers

    What can customers do with Internet Banking to prevent fraud?

    <p>Get to know about any fraudulent activity or threat to their account</p> Signup and view all the answers

    What is a potential issue faced by users who are new to technology when using Internet Banking?

    <p>Difficulty in understanding Internet Banking usage</p> Signup and view all the answers

    What percentage of ATMs were EMV compliant at the end of 2020?

    <p>94.5%</p> Signup and view all the answers

    What is a major challenge faced by banks regarding ATM banking?

    <p>All of the above</p> Signup and view all the answers

    What is the benefit of introducing Chip/EMV technology in ATMs and POS?

    <p>Preventing fraud and forgery</p> Signup and view all the answers

    Why do merchants not accept proprietary debit cards at their POS?

    <p>Because of confusion created by the absence of NPSB logo</p> Signup and view all the answers

    What is a challenge faced by banks in providing 24/7 ATM services?

    <p>Unreliable power supply</p> Signup and view all the answers

    What is a primary goal of banks in implementing IT resources efficiently?

    <p>To reduce administrative costs</p> Signup and view all the answers

    What is a major advantage of digital payment services introduced by banks?

    <p>Increased cashless transactions</p> Signup and view all the answers

    What is a benefit of online internal communications among employees and stakeholders?

    <p>Improved internal IT operations</p> Signup and view all the answers

    Why are banks investing in digital financial technology?

    <p>To improve efficiency and productivity</p> Signup and view all the answers

    What is a key feature of technology-driven banks' internet banking channels?

    <p>A number of customer-friendly features</p> Signup and view all the answers

    What is a primary goal of banks in providing digital services like Mobile Apps and QR-code payment?

    <p>To increase cashless transactions</p> Signup and view all the answers

    What is a benefit of Intranet and Extranet platform for banks?

    <p>Enhanced online internal communications</p> Signup and view all the answers

    Why are banks focusing on optimum utilization of IT/IS resources?

    <p>To maximize profit through cost reduction</p> Signup and view all the answers

    What is a primary goal of banks in implementing innovative digital services?

    <p>To provide better services to customers</p> Signup and view all the answers

    What is a primary objective of banks in reducing cash/paper-based transactions?

    <p>To maximize profit through cost reduction</p> Signup and view all the answers

    What type of threat to information security in electronic banking involves unauthorized access or malicious activities by bank employees or contractors?

    <p>Insider Threats</p> Signup and view all the answers

    What is a key security measure used to verify user identities in electronic banking?

    <p>Multi-Factor Authentication</p> Signup and view all the answers

    What is a common vulnerability in electronic banking systems?

    <p>Weak passwords and authentication mechanisms</p> Signup and view all the answers

    What is a best practice for customers to prevent fraud in electronic banking?

    <p>Regularly monitoring account activity</p> Signup and view all the answers

    What is a security measure used to prevent unauthorized access to sensitive data in electronic banking?

    <p>Role-Based Access Control</p> Signup and view all the answers

    What is a type of security threat in electronic banking that involves theft or damage to banking systems and infrastructure?

    <p>Physical Threats</p> Signup and view all the answers

    What is a benefit of regularly updating software and systems in electronic banking?

    <p>Reducing the risk of exploitation of known vulnerabilities</p> Signup and view all the answers

    What is a key aspect of incident response in electronic banking?

    <p>Establishing incident response plans and procedures</p> Signup and view all the answers

    What is a key benefit of educating customers on online banking security best practices?

    <p>Reducing the risk of phishing attacks</p> Signup and view all the answers

    What is a key aspect of third-party risk management in electronic banking?

    <p>Conducting thorough risk assessments for third-party vendors and service providers</p> Signup and view all the answers

    What is the primary reason why electronic banking relies heavily on information security?

    <p>To protect customer data and ensure trustworthy transactions</p> Signup and view all the answers

    What is the main objective of encryption in electronic banking?

    <p>To protect data in transit and at rest</p> Signup and view all the answers

    What is a common type of threat to electronic banking systems?

    <p>Malware and ransomware</p> Signup and view all the answers

    What is the primary function of firewalls and intrusion detection systems in electronic banking?

    <p>To monitor and block unauthorized access</p> Signup and view all the answers

    What is the primary reason why electronic banking systems are vulnerable to cyber threats?

    <p>Reliance on information technology and the internet</p> Signup and view all the answers

    What is a type of threat to electronic banking systems that involves overwhelming the system with traffic?

    <p>Denial of Service (DoS) attacks</p> Signup and view all the answers

    What is the primary benefit of using encryption in electronic banking?

    <p>To protect customer data and ensure trustworthy transactions</p> Signup and view all the answers

    What is a type of threat to electronic banking systems that involves unauthorized access to customer accounts?

    <p>Unauthorized access</p> Signup and view all the answers

    What is the primary function of information security in electronic banking?

    <p>To protect customer data and ensure trustworthy transactions</p> Signup and view all the answers

    What is a type of threat to electronic banking systems that involves the loss or theft of sensitive customer data?

    <p>Data breaches</p> Signup and view all the answers

    Study Notes

    Threats to Information Security in Electronic Banking

    • Insider Threats: unauthorized access or malicious activities by bank employees or contractors
    • External Threats: hacking, phishing, malware, and other cyber-attacks
    • Physical Threats: theft or damage to banking systems and infrastructure

    Vulnerabilities

    • Weak passwords and authentication mechanisms
    • Outdated software and systems
    • Unsecured networks and communication channels
    • Human error and lack of security awareness

    Security Measures in Electronic Banking

    Authentication and Authorization

    • Multi-Factor Authentication (MFA) to verify user identities
    • Role-Based Access Control (RBAC) to limit access to sensitive data

    Data Encryption

    • Use of Secure Sockets Layer/Transport Layer Security (SSL/TLS) for secure data transmission
    • Encryption of sensitive data at rest and in transit

    Network Security

    • Firewalls and intrusion detection systems to prevent unauthorized access
    • Regular security audits and penetration testing

    Incident Response

    • Establishing incident response plans and procedures
    • Training employees on security best practices and response protocols

    Best Practices for Electronic Banking Security

    Customer Education

    • Educating customers on online banking security best practices
    • Raising awareness about phishing and other social engineering attacks

    Regular Security Updates

    • Regularly updating software and systems to prevent exploitation of known vulnerabilities
    • Implementing security patches and fixes in a timely manner

    Third-Party Risk Management

    • Conducting thorough risk assessments for third-party vendors and service providers
    • Implementing contracts and agreements that include security requirements and liabilities

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    Related Documents

    IT Manual for NCC Bank Limited (Advance Level) PDF

    Description

    This quiz assesses your understanding of the challenges faced by banks in providing Internet Banking services, including customer-related issues and technical problems. Test your knowledge on the advancements and obstacles in Internet Banking.

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