Prevention of Bank Fraud: Strategies and Tools for Data Protection

This report discusses the various strategies and tools for data protection to prevent bank fraud. It covers data acquisition, network administrator strategies, threats to bank information, data validation, and more. The report uses the case of ABC bank to identify threats and solutions to these risks.

Running head: PREVENTION OF BANK FRAUD
Prevention of bank fraud
Name of Student
Name of University
Author Note:

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Table of Contents
Introduction:....................................................................................................................................1
Tools to be used:..........................................................................................................................1
Data acquisition:..........................................................................................................................1
Strategies with network administrator:........................................................................................2
Threats to bank information:.......................................................................................................3
Data validation:............................................................................................................................3
Conclusion:......................................................................................................................................4
Table:...............................................................................................................................................4
Bibliography:...................................................................................................................................5

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Introduction:
With the advancement in the technologies there has been a rise in the attacks on the data
and information of the various organizations. The banks are a major prey to such forms of
attacks. The report discusses about the various process of data acquisition and data protection.
The case of ABC bank has been considered in this case. The report helps to identify the various
threats and also helps in the recognition of the solutions to these risks. It helps in the dealing with
the issues of frauds so that the welfare of the people can be protected.
Tools to be used:
Big data: The big data technology would enable the storage of the information of the customers
of the bank in an efficient manner.
Cloud computing: Cloud computing technology enables effective and efficient storage of data
without consumption of disk space. The cloud computing technology also contributes in the
security of the information.
Strategic information system: This technology helps in the protection of the fraud by automatic
installation of firewalls and blocking unauthorized users from accessing servers.
Artificial intelligence: The use of artificial intelligence can provide solutions to prevent the entry
of suspected users into the servers. Artificial intelligence can also provide an alarm if the system
detects any unrecognized users.
Data acquisition:
The data acquisition process is the measurement of the electrical or the physical
phenomenon such as those of temperature, pressure, voltage or current. The data acquisition

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process can be carried out by the use of sensors. The other process of data acquisition is the
measuring device that is attached to the hardware. A programmable software installation is the
other method for the acquisition of the data. The PC based data acquisition method has the
ability to exploit the power of the processor and the display in order to provide a powerful and
efficient solution.
The PC based acquisition method may be chosen as the PC based method is more
efficient and saves the power of the processor. The process takes place a faster rate and ensures
the most effective solution. The support of this data acquisition method can be accessed at any
place and at any time, which denotes it is platform environment. This method provides easy to
use feature and gives the freedom of the usage of the software.
Strategies with network administrator:
The network administrator should be asked to monitor the activities carried over the
network and employees should also be hired to keep a stringent check on the issues arising on
the server. The use of the artificial intelligence and strategic information system can contribute in
providing the notification for the occurrence of any form of threat. However, dependency only
on automation process may prove to be a danger for the organization. The use of manpower for
the monitoring of the occurrence of any form of threat would prove to be more beneficial. There
should also be employees for the handling of the technologies.
A proper training schedule should also be arranged for the employees in order to identify
the threats. The network administrator should be asked to prepare a proper training schedule.
This will allow all the employees to acquire the basic knowledge for the identification of the
threats.

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Threats to bank information:
The protection of the large amount of details of the customers of the bank is the main
motive of the banks in relation to data protection. Hackers often want to acquire the personal
information of the customers of the bank. The hackers may make the use of the keyloggers. In
the case of the usage of the keyloggers, as the user enters the password or the bank account
number the details is copied to system of the hacker. The bank has to handle a large number of
details of large number of users. The handling of the large number of data may pose a risk as the
improper management may lead to the data loss. The detail that has to be stored with the bank is
the name, account number, pin number of the customer. These involve a large number of
databases. Improper management of these large number of database may lead to the crashing of
the system and may lead to data loss.
Data validation:
The process of data validation takes place in order to ensure whether the data has
undergone the data cleansing process. This is done in order to maintain the quality of the data.
The quality of data is maintained by checking whether the data is correct and also useful. There
are certain validation rules according to which the correctness and usefulness of the data has to
be checked. There are a number of ways in which the process of data validation can be done. The
data validation method is one of the method which is carried out on a single data field. The other
forms of validation are the simple range validation, code and cross reference validation and the
structured validation.

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Conclusion:
Thus, from the report it can be concluded that banks are vulnerable to the attacks from
the various hackers and may lead to loss of the various forms of the customer. Proper check
should be carried out and proper security measures should be taken in order to protect the loss of
the valuable information. This will enable the banks to gain the trust of the customers. The
various methods for the prevention of the risks have been mentioned in this report.
Table:
Operating System supported Windows 7, Windows 10, Ubuntu
File system supported FAT, NTFS
Maximum partition size supported 3TB with 1TB being unusable
Interface GUI interface
Cost 10-100$m

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Bibliography:
Dey, Sanjoy K., Ammisetti V. Prasad, and Mahendra Pal Singh. "Data acquisition system." U.S.
Patent No. 8,643,526. 4 Feb. 2014.
Segura, Francisca, Veronica Bartolucci, and José Manuel Andújar. "Hardware/Software Data
Acquisition System for Real Time Cell Temperature Monitoring in Air-Cooled Polymer
Electrolyte Fuel Cells." Sensors 17.7 (2017): 1600.
Baumgart, Mark D. "Methods and systems for online fraud protection." U.S. Patent No.
8,943,549. 27 Jan. 2015.
Hashem, Ibrahim Abaker Targio, et al. "The rise of “big data” on cloud computing: Review and
open research issues." Information Systems 47 (2015): 98-115.