Transaction authorization from Know Your Customer (KYC) information in online banking

Mondal, Prakash Chandra; Deb, Rupam; Huda, Mohammad Nurul

doi:10.1109/icece.2016.7853972

Cited by 13 publications

(4 citation statements)

References 4 publications

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“…2015 [32] The authors proposed a system that uses the user ID, password, fingerprint, and random strings to protect online banking services. 2016 [33] The authors illustrated the proposed Challenge Question (CQ) from the dynamic Know Your Customer (KYC) database for transaction authorization to ensure secure and flawless finances.…”

Section: Yearmentioning

confidence: 99%

Online Banking User Authentication Methods: A Systematic Literature Review

Karim,

Khashan,

Kanaker

et al. 2024

IEEE Access

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Online banking has become increasingly popular in recent years, making it a target for cyberattacks. Banks have implemented various user authentication methods to protect their customers' online accounts. This paper reviews the state-of-the-art user authentication methods used in online banking and potential cyber threats. This paper starts by exploring different user authentication methods, such as knowledge-based authentication (KBA), biometrics-based authentication (BBA), possession-based authentication (PBA), and other methods. The advantages and disadvantages of each user authentication method are then discussed. Furthermore, the paper discusses the various cyber threats that can compromise user authentication for online banking systems, such as malware attacks, social engineering, phishing attacks, man-in-the-middle (MiTM) attacks, denial of service (DoS) attacks, session hijacking, weak passwords, keyloggers, SQL injection, and replay attacks. Also, the paper explores the user authentication methods used by popular banks, which can provide insights into best practices for safeguarding online banking accounts and future user authentication methods in online banking and cyber threats. It states that the increasing use of BBA, two-factor authentication (2FA), and multi-factor authentication (MFA) will help improve the security of online banking systems. However, the paper also warns that new cyber challenges will emerge, and banks need to be vigilant in protecting their customers' online banking accounts.

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Section: Yearmentioning

confidence: 99%

Online Banking User Authentication Methods: A Systematic Literature Review

Karim,

Khashan,

Kanaker

et al. 2024

IEEE Access

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“…The main focuses of research by the financial community have been on the objective information for improving compliance to prevent illegal or terrorist activities and decreasing the cost associated with increased compliance. Where KYC research exists, it tends to focus on cost efficiency-distributed ledger systems (Moyano and Ross 2017), how the financial crisis in the USA from 2007 to 2009 may have been affected due to non-compliance to US KYC regulations (Bilali 2011), on using KYC to protect client accounts (Mondal et al 2016), and on improving auditor effectiveness in evaluating KYC compliance (De Smet and Mention 2011).…”

Section: Investment Suitability and Know Your Clientmentioning

confidence: 99%

Know Your Clients’ Behaviours: A Cluster Analysis of Financial Transactions

Thompson

Feng

Reesor

et al. 2021

JRFM

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In Canada, financial advisors and dealers are required by provincial securities commissions and self-regulatory organizations—charged with direct regulation over investment dealers and mutual fund dealers—to respectively collect and maintain know your client (KYC) information, such as their age or risk tolerance, for investor accounts. With this information, investors, under their advisor’s guidance, make decisions on their investments that are presumed to be beneficial to their investment goals. Our unique dataset is provided by a financial investment dealer with over 50,000 accounts for over 23,000 clients covering the period from January 1st to August 12th 2019. We use a modified behavioral finance recency, frequency, monetary model for engineering features that quantify investor behaviours, and unsupervised machine learning clustering algorithms to find groups of investors that behave similarly. We show that the KYC information—such as gender, residence region, and marital status—does not explain client behaviours, whereas eight variables for trade and transaction frequency and volume are most informative. Hence, our results should encourage financial regulators and advisors to use more advanced metrics to better understand and predict investor behaviours.

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“…Banks usually screen the deposits and lending products to avoid corruption and ML. On the deposit side, banks are supposed to comply with the AML requirements ensuring the legitimacy of deposits (Husain, 2006; Mondal et al , 2017). Nevertheless, it could not ensure the source of funding, critical to the Islamic banking ethical perspectives and practices.…”

Section: Literature Reviewmentioning

confidence: 99%

Do Islamic banks gain from corruption and money laundering (ML)?

Aish

Hassan

Zaman

et al. 2021

JMLC

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Purpose This paper aims to examine the impact of corruption and money laundering (ML) on the profitability and stability of Islamic banks. Design/methodology/approach This study used the data of 53 conventional and 19 Islamic banks of Pakistan and Malaysia to have comparative insights. The empirical methods include the fixed effect and random effect regression and generalized methods of moment for robust results. Findings The results indicate that Islamic banks gain from corruption and ML. Corruption and ML affect bank profitability and stability positively in a less corrupt environment, i.e. Malaysia; however, corruption hurts Islamic banks’ performance, and ML favours Islamic banking profitability and stability in a more corrupt environment, i.e. Pakistan. Originality/value The present study pioneers the debate on corruption and ML related to Islamic banking profitability and stability. This study provides important insights to regulators and Shariah advisors to build a real model of Islamic banking.

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Transaction authorization from Know Your Customer (KYC) information in online banking

Cited by 13 publications

References 4 publications

Online Banking User Authentication Methods: A Systematic Literature Review

Online Banking User Authentication Methods: A Systematic Literature Review

Know Your Clients’ Behaviours: A Cluster Analysis of Financial Transactions

Do Islamic banks gain from corruption and money laundering (ML)?

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