Risk Management and Control in Online Money Transfer Systems Report

This report delves into the critical area of risk management within online money transfer systems, addressing the increasing threats of cyber-attacks and data breaches. The research employs a comprehensive methodology, including literature reviews, surveys, and interviews to gather both primary and secondary data. The data analysis utilizes descriptive statistical techniques and software such as SPSS to evaluate the collected information. The report examines the viewpoints of participants regarding security issues, the effectiveness of security tools, and the causes of security breaches. Findings highlight the significance of encryption, firewalls, and authentic networks in enhancing security. The report concludes with recommendations for companies like World Remit to adopt advanced security systems, update software, and employ robust security tools to reduce cyber-crimes and protect user data. The research aims to provide a detailed analysis of risk management in online money transfers and offers practical strategies for mitigating risks.

Risk Management/Risk Control

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Research methodology
Data collection methods
It is one of the best techniques while conducting the research that provides a platform
for obtaining the data and information about the research topic. With the help of
research methodologies, the author will gather the fresh and new information about the
research topic and avoid research issues occurred during the investigation. The key
objective of this section is to enhance knowledge in the field of risk management and
analyse risks linked with the online money transfer processes. The research
methodology will enhance the overall quality of the research and help the authors for
achieving the aims and objectives of the study. In this research, the author will include
survey, interview, and literature review as research strategies and analyse the
viewpoints of other participants and experts.
The researcher will use both primary and secondary kinds of methods for collecting
relevant data and facts. The major advantage of data collection method is that it helps
the authors for achieving the aims and objectives of the research. However, the primary
data will be obtained with the help of two approaches such as survey through
questionnaire and interviews. Mainly primary data collection process provides fresh
and new information about the risks management and secondary method provide
secondary information about the research title. The interview will be conducted with
the participants and it will be in a proper structure for managing the quality of research.
It is analysed that the author will obtain secondary data from the literature review and
previous research studies. There are few other sources which will be adopted by the
researchers for obtaining secondary data such as journal papers, online books and
websites and other peer-reviewed papers published in the last five years. Both primary
and secondary type of methods will help the authors for achieving aims and objectives
in an effective manner.
Data analysis method
It is an important part of the research methodology that analyses and evaluates both
primary and secondary data obtained from survey and literature review. In this
research, the author will use descriptive statistical analyse in order to analyse the

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gathered facts and data about the research topic. Such kind of data analysis technique
provides the effective results and outcomes that will help the researches for achieving
aims and objectives of the research. However, the authors will adopt the survey through
the question as a research tool and collect the opinions of other participants on the
research topic.
The literature review will be conducted by the researchers for analysing the results and
findings of previous journal papers. It will help the readers and students for improving
their skills and evaluate the risks linked with the online money transfer techniques. For
analysing these data and information the author will adopt the data analysis technique
that has ability for finding the effective results and outcomes and maintain the quality of
research. The survey through questionnaire is one of the best approach for obtaining
data and information. Descriptive analysis technique collects the responses of
participants and critically reviews the facts and information about research topic. SPSS
software will be used by the authors in order to compare the results of this study with
previous articles and gain the effective outcomes. In this study, a total of 10 participants
will be included in the survey and interview for a better understanding of the issue of
security. From the survey through questionnaire it is analysed that most of the
participants stated that security is one of the serious issues and which occur due to lack
of security. However, more than 70% of participants reported that consumers use third-
party applications and unauthentic networks while transferring money which can
increase the rate of data breach and security risks. From the interview it is analysed that
most of the participants reported that security of online money transferring process can
be enhanced by using security tools like encryption, firewall and so on.
Survey responses

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Questionnaire
Q.1: Please specify your gender
 Male
 Female
Q.2: Which category below includes your age?
 Under 18

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 18-24
 24-34
 And above
Q.3: Do you use online money transfer facility?
 Yes
 No
Q.4: Have you ever faced any security risk or issue while transferring money through
online platforms?
 Yes
 No
Q.5: Do you think online money transfer facility provided by World Remit L.T.D is
secure?
 Yes
 No
Q.6: According to you, what is the main reason behind increasing security issues in
online money transfer?
 Use of unauthentic networks
 Lack of secure networks
 Increasing numbers of viruses
 Unawareness of users
Q.7: Would you be willing to pay additional money for better security while transferring
money online?
 Yes
 No
Q.8: According to you, which of the following option would be suitable for you to
improve the security of online money transferring system?
 Encryption technique

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 Two-step verification
 Firewall software
 Biometric authentication system
Interview Questions
Q.1: what is online money transferring system?
Ans. Numbers of participants suggested that it is a kind of process which is used to
transfer money form one person to another.
Q.2: Have you ever faced any security risk or issue while transferring money through
online platforms?
Ans. Most of participants stated that security is one of the major issue and they have
faced such kind of problem while transferring money.
Q.3: Do you think online money transfer facility provided by World Remit L.T.D is
secure?
Ans. More than 60% of participants suggested that online money transferring process
provided by World Remit is secure but it is very important to protect personal
information from criminals.
Q.4: what is the main reason behind increasing security issues in online money transfer?
Ans. Most of participants evaluated that lack of security and use of unauthentic servers
are major key factors that increase the issue of data breach or security risks in online
money transferring system.
Q.5: How security of personal data and online money transferring system can be
increased?
Ans. Many participants and experts reported that the security of online money
transferring process can be enhanced by using encryption, firewall, and authentic
networks.

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Conclusion
Cyber-attack and data breach are very common security issues which are also occurred
in the field of online money transfer techniques and systems. It is observed that there
are several common kinds of cyber-risk occurred in online money transfer such as a
botnet, ransomware, hacking, and denial of service attack and so on. From this study, it
is concluded that lack of security and use of unauthentic server both are very common
risk factors that increase the rate of cyber-attacks and security risks. This research
study provided in-depth analysis about the risk management and critically reviewed the
security risks faced by World Remit organisation during online money transfer. For
better understanding about risks management, the authors conducted a literature
review and identified that most of the hackers attack the computer networks used by
companies and they transfer large numbers of traffic signals to the company’s server. It
is analysed that cyber-risk is the possibility of a malicious attempt for damaging the
computer networks of companies and hackers enter into the company’s networks
without their permission.
This report also analysed identified the key factors that increase the issue of a data
breach in the world Remit organization. The online money transfer system uses internet
connectivity for sharing the information which also increases the issue of cyber-attack
or hacking. Therefore it is recommended that the company should use advanced
security systems and update the computer software on a regular basis. Moreover, they
can adopt several security tools such as encryption, firewall, Antivirus and robust
technology. With the help of all these techniques and methods, World Remit
organization can improve the security of online money transfer and reduce the rate of
cyber-crimes or attacks. Moreover, the research methodologies used by the authors
helped them for analysing the issue of security in online money transfer and achieved
the aims and objectives of research effectively.

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