Chapter 14 of a computer knowledge guide, focusing on “Technologies and Terms Used in Internet Banking,” would typically cover the following topics:
- Core Internet Banking Technologies
1.1 Online Banking Platforms
Web-based Banking: Access banking services via browsers.
Mobile Banking Apps: Secure, downloadable apps for banking transactions.
Netbanking Portals: Personalized access with usernames and passwords.
1.2 Backend Systems
Core Banking Solutions (CBS): Centralized databases connecting branches for seamless banking.
Middleware Technologies: APIs and software that enable communication between banks and third-party services.
1.3 Security Technologies
Encryption: Secures communication between users and servers.
SSL/TLS Protocols: Protect sensitive data during transmission.
Two-Factor Authentication (2FA): Adds a second verification layer (e.g., OTPs).
Biometric Authentication: Use of fingerprints, retina scans, or facial recognition for secure login.
- Key Terms in Internet Banking
2.1 Banking Terms
IMPS (Immediate Payment Service): Real-time fund transfer service.
NEFT (National Electronic Funds Transfer): Batch-based electronic fund transfer system.
RTGS (Real Time Gross Settlement): Real-time transfer of large amounts.
UPI (Unified Payments Interface): A system linking multiple bank accounts for instant transactions.
2.2 Digital Wallets and Payment Systems
Digital Wallets: E.g., Paytm, Google Pay; stores money for transactions.
Payment Gateways: Facilitates online payments for e-commerce.
2.3 Emerging Trends
Blockchain: Secure ledger system, increasing transparency.
AI and Machine Learning: Enhances fraud detection and customer support.
IoT in Banking: Wearable devices for quick transactions.
- Fraud Prevention and Risk Management
3.1 Types of Threats
Phishing: Deceptive attempts to acquire sensitive data.
Malware: Harmful software targeting banking apps.
Man-in-the-Middle Attacks: Intercepting data transmissions.
3.2 Preventive Measures
Firewall and Antivirus Software: First line of defense for systems.
Regular Security Audits: Detect vulnerabilities.
Customer Education: Awareness campaigns on secure practices.
- Regulatory and Compliance Aspects
KYC (Know Your Customer): Verification of customer identity.
AML (Anti-Money Laundering): Compliance with regulations to prevent money laundering.
Data Protection Laws: E.g., GDPR, ensuring user data privacy.
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