Cyber Crime: A Threat to Financial Institutions
The unprecedented growth of cyber crime on financial institutions is alarming. According to the An FBI report it has been revealed that over 400 reported cases of account takeovers by cyber criminals is with an actual loss of approximately $85 million.A disappointing outcome of such cyber crime is the unimaginable burden on the banks, which puts customers money at high risk. Financial institutions clearly need to identify such threats and potential solutions to prevent the heavy burden of such unsafe events.Challenges of Cyber CrimeCyber Criminals are expert in designing special technology extremely difficult for identification by financial institutions and can easily sway naive customers. Such criminals are highly cautious not to spread their malicious intentions too far to be easily caught and instead use new tricks at regular intervals to trap users.Financial criminals create attractive messages to run across banking websites. Upon clicking such ads, cyber criminals can easily access login details and passwords. These details are majorly misused for conducting fraudulent transactions and transferring lump sum amount of money to various other accounts.ATM services are also prone to fraudulent activities by cyber criminals using various tricks to intercept confidential data in the card including the user’s pin number. This way criminals can create fake cards to withdraw money from the individual’s account.Many financial institutions are concerned with the increasing frequency and new sophisticated methods used by cyber criminals. Financial threats are increasing costs to design resources and technology to combat cyber crime taking place on a large-scale. Electronic banking is one of the frequently used technologies by customers. Banks and ATM vendors are under constant pressure to handle attacks on mediums such as internet and ATM machines which today are primary sources to access cash.Financial criminals find it very convenient to attack a single line of business like wire transactions. Frauds on such mediums facilitate the attacker for illegal activities such as money laundering which happens quickly and goes unnoticed. Many FI’s are failing to employ necessary resources to deal with money laundering and maintain Bank Secrecy Act due to continual criminal challenges.Small and mid-sized financial institutions need to be cautious in keeping their business open to certain industry type. A special risk management strategy needs to be adopted for long-term loans such mortgage, auto financing, energy lending all of which involve high levels of risk.Viable solutionsAt a macro level, financial institutions need to focus on seven major areas of risk management which include: Risk management for new products and services, capital planning, commercial real estate concentration, underwriting of industrial loans, interest rate risk, compliance with anti-money laundering schemes and consumer laws, technology and operational risks.For consistent highly secured operations, financial institutions should outsource services to reliable security companies. This will also reduce the financial burden and cut down additional costs ad efforts to maintain an in-house security department for cyber crime.With ever-increasing fraudulent activities, there is a dire need to buy advanced technologies and design specific applications to prevent all types or risks. These will abundantly minimize costs that arise from perilous acts such as hacking or money laundering.To mitigate risks, it is essential for all financial institutions to increase awareness and access the appropriate resources to minimize risk of cyber threats. It is imperative to combat criminal activities by complying with regulations and keeping in mind the level of risks from all angles.By monitoring financial crimes, a financial institution can immensely prevent criminals from attacking any channel that facilitates transactions to and fro the users. An integrated approach enables an organization to collect and analyze data from multiple areas of potential risk.Cross channel, investigations can help minimize redundant procedures. Combined data can also help prevent malicious strategies an acts as a force multiplier to eliminate similar investigations and easily trap similar cyber attack on varied channels.Software providers of bank websites and ATM services should be fluent with software updates to provide full security to customers. Essentially, financial institutions should not wait for a malware to strike but ensure that systems are highly secured to prevent the attack of malicious criminals.Combating cyber crime is not a one day job or a prevention task after such a problem has occurred. Increased awareness and appropriate use of security resources are key measures to combat cyber crime. Financial institutions should prioritize prudence and formulate apt security measures to effectively combat any type of cyber crime.
The New and Effective University Management System
How a university is managed and controlled, is often a concern for many people who are associated with it. The list includes students, regulatory authorities, trustees, donors and many more. With time, it was realized that traditional systems don’t yield results as expected because there are numerous loopholes within the system. This is when software companies came up with specialized ERP software that will cater the overall functioning needs of educational institutions by offering a new University Management System. Such a system will bring the much needed uniformity and stability within an organization.It is quite obvious that such an advanced system will be expensive because the software will thoroughly integrate a university under its wing. However, it’s like a onetime investment, and universities investing in them will surely reap the benefits. Mentioned are some small benefits of such a system.The management of a university will find much reduction in its work load as every task and job will be completed on real time platform in a determined manner.
Secondly, the productivity of a college will increase to large extent as the new system will implement tested ways of managing everyday tasks.
The security of data and transactions will be ensured to large extent. ERP software generally use a web based server for keeping the daily records, and hence, there are fewer chances of manipulation and mishandling of data.
The management will also have better control over various departments as every department will have to perform for output. It will be easy for the top level management of a university to find the faults within a department and take necessary steps for control and correction.However, before investing in such ERP systems, it’s crucial for the management to understand and judge a few factors mentioned below.Level of customization: Configuration of ERP college software is not a massive task, but what needs attention is the level of customization offered. The management must ensure that the software is capable of bringing all functions on a single platform. Also, if there are multiple campuses, it’s crucial that the software offers combined solutions for all. Since, each college and university has its own customized functions, it’s essential to understand the adaptability of the software.
Options for added modules: Popular ERP software systems have numerous modules that can be incorporated for an added cost, to increase the overall functioning of a university. This may include GPS, mobile platform, and biometric systems among others. While these technologies may seem to be an added expenditure, the benefits are prodigious.
Level of support: While installing, customizing and implementing such complex software, the management must expect the highest degree of support from the software management company.With the new university management system, the modern system of education will reach a new height of excellence. The system will be beneficial to everyone associated in day-to-day running of the university, and will help the admin and management in apt controlling of various functions.
Lucrative Jobs in Travel and Leisure Industry
After leaving college, all of us when we are in our youth, desire to spread our wings. After spending many years in colleges and universities for education we wish a job that broadens our horizons and give us a more comprehensive viewpoint of life. Travel and leisure industry provides the exact prospects to fulfill our wishes.Although travel and leisure industry, like all other sectors of the economy, has taken a hit due to recession, it is showing signs of recovery. This industry requires a love for travelling, creativity, excellent communication skills and an ability to understand people and their needs. The benefits of working in this industry are its lucrative pay structure based on performance, wide appeal and a more creative and fulfilling life. So if you are looking to make a career in this evergreen sector, a few career opportunities along with their requirements are mentioned below.Tour Operations and Escorting Executive – In this position you are responsible for accompanying a group of travelers and ensure that they have a satisfying experience during all points of their tour including travel, stay and during visit to actual destinations. You should have a craving for travel, a good personality, good handling and escorting skills and strong nerves to handle difficult and unpredictable ground condition efficiently. Although some institutes provide specialized courses for this course but often companies looking to recruit a tour operator do not look for specific degrees. However prior experience in similar position is greatly valued.Travel Writer – In this job you are required to write interestingly and correctly for newspapers, travel magazines, travel guides and travel websites. As most of the time you are writing about an already well travelled and well described destination, it is expected that you provide a fresh approach to them along with interesting anecdotes. As travel writing involves some strenuous journeys, so being well organized and ability to meet strict deadlines under pressure is desirable. You may work as freelance or on a contractual basis. This is a very competitive job so you may need to have basic training in writing as well as travelling. Some large organization while hiring at this position might specify a degree qualification in communication, journalism or English as a basic requirement for the job.Flight attendants – Here you work for an airline as member of an airline in order to ensure safety and comfort of passengers during flight. You are also required to conduct cabin checks periodically, especially during night flights to check on the passengers, and listen for any unusual noises or situations. For getting this highly lucrative job you are required to undergo a mandatory training by the airline for a duration of six weeks to six months depending on the airline and the country of operation. A pleasing personality and knowledge of additional languages also helps. Some airlines also have a height and weight requirement.Fitness trainers – As a fitness trainer you are employed by fitness trainers and health clubs to demonstrate various exercises to the clients and help improve their organizing technique. You are also required to motivate and keep a record of the client’s exercise regime. As far as qualifications are required you need to have completed your schooling and must have undergone a certification program.Senior Hotel Staff – whether it be bar manager, maitre’d or general manager of the entire hotel, increasingly Westerners are being attracted to job roles in hotels in places as varied as China and Jamaica! The role will typically involve the same duties as it would in the UK or the US, but the surroundings are usually completely different!