Cybercrime overwhelming online banking

A Project Management approach’s alternative

 

STUDENT PAPER

By Shivam Tyagi

SKEMA Business School

India and France

 


 

ABSTRACT

In banking, technology goes to next level as online banking. Here we can easily do the transaction hassle free form on any part of the world to others, but as we know, the new inventions have a bad side too. As in this invention, it carried out to be cyber-crime where peoples process the fraud & do illegal activities like transaction of money without any permission or without knowing you.

So in this paper, we research over this issue and worked with real fact & figure and evaluate the several feasible alternatives to secure our account from illegal activity with the help of project management tools & technique(root cause analysis) and also with the help of guild of project controls, at last we find the alternative solution throughout our research which can easily slow down this online criminal activity

Keywords: Terms and Conditions, New Technologies, Fraud, Risks & Scenario, Security, Banking, Contracts

INTRODUCTION

In this day and age, every single individual is aware about the process of banking. We all know that how banks used to operate in older days but now due to an involvement of technology the time and methodology of working has also changed as we are more focused towards the internet.

In the current study, a successful implementation of Internet banking services may lead to enhanced banking productivity and customers’ satisfaction, while failure to provide banking services over the Internet might influence banking productivity negatively and result in dissatisfaction among customers As we as a whole our mindful of online banking an accounting framework today, we as a whole need to concur the terms and conditions or a tick is required on “I Agree” button before marking into the online banking interface of web-based saving money or applications. This bundle of terms and conditions is known as Contract. “A Contract is an agreement between two or more competent parties in which an offer is made and accepted, and each party benefits.”[1] But the harsh truth is that only a negligible percentage of population goes through the contract provided by the organisation because of that people are often victim of cybercrime. In this paper we will figure out the banks are working according to the benchmarks decided or not and to provide the alternatives so that banks can work more efficiently without any more complaints.

Online Banking, also called as Internet Banking, is an electronic instalment framework that empowers clients of a bank or other monetary organization to lead a scope of budgetary to conduct a range of financial transaction through the financial institution’s website”. The First online banking services was first presented in the mid-1980s in New York, United States. Four noteworthy banks — Citibank, Chase Bank, Chemical Bank and Manufacturers Hanover — offered home keeping money administrations. [2]

As per signing this contract, we can store up our assets. Here the assets are in the form of capital which transacted from one place to another (the definition of assets is “A substantial or impalpable asset with monetary esteem that an individual, company or nation claims or controls with the desire that it will give future advantage”[3]). The Organisation need specific solution and different strategies within the project for taking care of our asset’s life span.

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Editor’s note: Student papers are authored by graduate or undergraduate students based on coursework at accredited universities or training programs.  This paper was prepared as a deliverable for the course “International Contract Management” facilitated by Dr Paul D. Giammalvo of PT Mitratata Citragraha, Jakarta, Indonesia as an Adjunct Professor under contract to SKEMA Business School for the program Master of Science in Project and Programme Management and Business Development.  http://www.skema.edu/programmes/masters-of-science. For more information on this global program (Lille and Paris in France; Belo Horizonte in Brazil), contact Dr Paul Gardiner, Global Programme Director paul.gardiner@skema.edu.

How to cite this paper: Tyagi, S. (2019). Cybercrime overwhelming online banking: A Project Management approach’s alternative, PM World Journal, Vol. VIII, Issue V, June.  Available online at https://pmworldlibrary.net/wp-content/uploads/2019/06/pmwj82-Jun2019-Tyagi-cybercrime-overwhelming-online-banking.pdf

 


 

About the Author


Shivam Tyagi

Paris, France

 

 

Shivam Tyagi is an understudy and at present doing MSc in Project and Program Management and Business Development from Skema Business School, Paris, France. Conceived in the greatest fair nation on the planet, India, he has done building from Uttar Pradesh specialized college in the surge of mechanical. He simply finished his keep going task on Cybercrime overwhelming online banking: A Project Management approach’s alternative and searching for the circumstance.

Shivam lives in Paris, France and can be contacted at mailto:shivamtyagi1005@gmail.com or mailto:shivam.tyagi@skema.edu

 

[1] Planning Planet. (n.d.). Guild of Project Controls Compendium and Reference. Retrieved (2018,November), from :http://www.planningplanet.com/guild/gpccar/managing-contracts-managing-the-contract

[2] Wikipedia. (2018, November). Retrieved from: https://en.wikipedia.org/wiki/Online_banking

[3] Planning Planet. (n.d.). Guild of Project Controls Compendium and Reference. Retrieved (2018,November), from :http://www.planningplanet.com/guild/gpccar/managing-contracts-managing-the-contract