NEGATIVE AND FRAUDULENT USES OF IT IN FINANCE

Fraudulent use of IT infrastructures have become the order of the day. The intent of those that toiled day and night in the past to make sure that there is advancement in the already existing way of communication is almost defeated. They researched to make sure that we all enjoy a comfortable and enhanced life. But I feel bad whenever I see or hear about people who engage Information Technology tools in fraudulent act. Banks and other financial institutions are always the prime target of these men of the underworld. For this reason, I have sworn to always expose every negative use if Information Technology tool that comes to my notice.

Computer is the primary component of InfoTech that we all talk about. The primary aim of the founding fathers of this device was to aid us in our daily activities. But today, it is being employed as the primary tool to commit fraud – especially on the internet and other networks. Below are the two main ill-use that the computer is being put into today:

  • The spread if Virus (Malicious code)
  • Stealing of confidential information illegally.

What am about to tell you now are few tested and trusted ways of shielding yourself against these ill-use of computer. I will start from the second. The major points will be listed in bullet form then followed by brief explanation.

  • The use of firewalls and Intrusion Detection System.
  • Use of a virtual private network (VPN)
  • Use of Copper in computer rooms.
  • Use of appropriate data remover tools (Soft-wares) from your hard-drive before disposing.
  • Employment of both physical and logical security measure.
  • Use of encryption and other cipher techniques.

Obviously, a computer in a network especially the internet needs more protection today than ever. There is no amount of protection you provide that will be much in today’s world. Firewalls and intrusion detection systems (IDS) are guards that alert us whenever the security of our system is compromised. They don’t always stop the intruder but draw our attention to their presence.

Virtual Private Network is a secured way of transferring our confidential data over the network. Secured socket Layer (SSL) is employed in most cases as a standard to follow.

It has been proven beyond doubt that there are numerous softwares that has the capability of stealing information from computers within certain range even when they are not connected by any means. And Copper happens to be a good conductor that traps those data that the conventional wall cannot trap to earth. Is a good security practice to build computer rooms with coppers.

Many people end up loosing valuable information to the outside world through disposed hard-disc of computer. This security loophole can be blocked by ensuring that data from hard-discs are safely removed with the help of third party software after formatting and disposed properly.

It is not enough to take the above measure when the physical and logical access to the computer is not properly secured. Access control software can be employed on the logical part of it.

Encryption and Digital Signature has in no small way help beef up security in the area of data protection. Encryption ensures that the data is safe while digital software gives the assurance that the data has not been compromised in transit.

Wow! That has been a bit long but we still need to talk about the use of computer to spread virus. Some of the above tips still apply here. Like the use of Digital Signature and Envelope to establish the authenticity of a message before running it on the system.

The use of anti-virus is the most popular measure against virus. One rule here is that you carryout you due diligence on the anti-virus company before installing the software and always make sure it is updated all the time.

By chance your system is already infected, read the article titled financial identity theft- defending your self for insight.  Good luck.