Cyber Forensic In The Banking Sector

By Author: Wisemonkeys
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ABSTRACT: Banking is one of the most fundamental institutions in any country and protecting bank customers is paramount to the good functioning of the country. Banks were exposed to a number of risks. The development of computers has had a great impact on the banking sector, but with it has increased the various ways in which people can become victims of various attacks.

The banking sector has been under attack for hundreds of years. First, it was the physical theft of money. Then it was a computer scam. Today, it’s not just about cyber fraud, it’s about hacking into servers to get a customer’s personal information (PII). This is why cyber security is of the utmost importance in banking. As individuals and companies conduct most of their transactions online, the risk of data breaches is increasing every day. This is the reason why more emphasis is placed on investigating the importance of cyber forensics in the processes of the banking sector.

Keywords: Cyber Forensics ,Cyber-Crimes,Hacking, Banking Systems.

INTRODUCTION

Cyber ​​forensics is the process of obtaining data as evidence for ...
... a crime (which involves electronic devices) while following proper investigative rules to catch the culprit by presenting evidence in court. Cyber ​​forensics is also known as computer forensics. The main goal of cyber forensics is to maintain a thread of evidence and documentation to find out who committed the crime digitally.

The information age has transformed almost all industries and the same applies to the banking sector. Criminals are now turning more to technology to attack institutions and steal funds. In the UK, for example, cybercrime now accounts for more than 50% of the country’s total crime. That’s a huge percentage. Even the FBI reports that physical robberies are slowly giving way to digital robberies through hacking. Firewalls and prevention are sometimes not enough for such attacks.

It is now too easy for hackers to break into bank databases, steal customer information, send links to customers asking for sensitive information that most customers will say goodbye to because they trust their banks, and commit digital heists. And even if you stop one attack, another will rise as digital literacy increases every day. People are tech-savvy, while criminals are becoming more adept at cracking codes and breaching firewalls. Similarly, as banking digitizes, banks now understand that they would need to implement cybersecurity prevention. Digital forensics is one such mechanism to stop and investigate fraud.

LITERATURE REVIEW

For the most part, all fraudulent attacks revolved around ATMs, money laundering, and credit card fraud. The main goal of these attacks is to take over the user’s bank accounts and funds in such a way that the attacker seizes these funds without the user’s proper knowledge. Some of the ways to take control of a user account. In some situations, to enter banks and steal large amount of money, cybercriminals use bank passwords like PIN, password, certificates, etc., while in other circumstances, they may try to steal all the money and transfer it. Cyber ​​attackers often aim to damage a bank’s reputation and then block the bank’s servers so that consumers cannot access their accounts. Online crimes mostly arise from difficulties caused by amateur hackers.

DATA RECOVERY IN CYBER FORENSICS

Data recovery is an important part of cyber forensics in the banking sector. This process involves retrieving data from damaged or deleted files, as well as from damaged hard drives and other storage media. Data recovery can help investigators uncover evidence related to financial crimes, such as money laundering or fraud.

Data recovery tools are used to scan for deleted or damaged data. These tools can also be used to recover passwords and other sensitive information. By using data recovery tools, investigators can uncover hidden evidence and track down the perpetrators of financial crimes.

NETWORK FORENSICS IN BANKING SECTOR

Network forensics is another important component of cyber forensics in the banking sector. This process involves the use of specialized tools and techniques to Analyze network traffic. Network forensics can help investigators uncover evidence related to financial crimes, such as money laundering or fraud.

Network forensics tools can be used to analyze network traffic, such as emails, chat logs, and other digital communications. These tools can also be used to track down stolen funds and protect customers from identity theft. By using network forensics tools, investigators can uncover hidden evidence and track down the perpetrators of financial crimes.

BENEFITS OF CYBER FORENSICS IN BANKING SECTOR

Cyber forensics provides many benefits to the banking sector. It helps banks to protect their customers’ data and financial information. Cyber forensics also helps banks to detect and respond to cyber threats quickly and effectively. It also helps to identify the source of the attack and prevent future attacks.It can be used to track suspicious transactions and identify patterns of fraud. Cyber forensics also helps banks to detect and prevent money laundering and other financial crimes.

Cyber forensics in the banking sector can help investigators uncover evidence related to financial crimes, such as money laundering or fraud. By using cyber forensics tools, investigators can track down stolen funds and protect customers from identity theft. This can help banks and other financial institutions protect their customers and their assets.

CYBER FORENSICS TOOLS

Cyber forensics tools are essential for the banking sector. These tools help to detect and investigate cyber crimes. They can be used to identify the source of the attack and track suspicious transactions. Cyber forensics tools also help to recover stolen data and prevent further attacks.

Cyber forensics tools can also be used to detect and investigate financial fraud. They can be used to identify patterns of fraud and track suspicious transactions. Cyber forensics tools also help to detect money laundering and other financial crimes.

EnCase Forensics

FTK Imager

AccessData

X-Ways Forensics

Helix3

Paraben Forensics

Autopsy

Volatility Framework

Cobalt Strike

ROLES OF CYBER FORENSICS TEAMS

Teams Cyber forensics teams play an important role in the banking sector. They help to investigate cyber crimes and identify the perpetrators. They also help to recover Stolen data and prevent further attacks. Cyber forensics teams also help to detect and investigate financial fraud.

Cyber forensics teams can also be used to detect and prevent money laundering and other financial crimes. They can be used to track suspicious transactions and identify patterns of fraud. Cyber forensics teams also help to detect malicious activities such as identity theft and other financial crimes

Fraud Investigation: Cyber forensics plays a crucial role in investigating financial fraud cases in the banking sector. It helps to uncover digital evidence that can be used to prosecute criminals and recover stolen funds.

Data Recovery: In the event of a data breach, cyber forensics can help to recover lost or stolen data and restore normal operations in the banking sector.

Threat Detection: Cyber forensics helps to detect and prevent cyberattacks in the banking sector. It helps to identify vulnerabilities in the system and prevent unauthorized access to sensitive information.

Compliance: Cyber forensics helps banks to meet regulatory requirements and adhere to industry standards. It helps to ensure that banking systems are secure and that sensitive information is protected from unauthorized access.

Cybercrime Investigation: Cyber forensics plays a key role in investigating cybercrime in the banking sector. It helps to identify and prosecute cybercriminals who target banks and their customers.

Digital Evidence Collection: Cyber forensics is used to collect digital evidence in the banking sector. This evidence can be used to support legal cases, prosecute criminals, and support investigations.

Malware Analysis: Cyber forensics helps to analyze malware that targets banking systems and identify the source of the attack. This information can be used to prevent future attacks and improve the overall security of the banking sector.

Incident Response: In the event of a security incident, cyber forensics plays a critical role in responding to the incident and resolving it. This includes collecting and analyzing digital evidence, identifying the source of the attack, and restoring normal operations.

CONCLUSION

In conclusion, cyber forensics is an essential part of the banking sector. It helps to protect banks from cybercrime and financial fraud. Cyber forensics helps to investigate cyber crimes and identify the perpetrators. It also helps to detect and prevent financial fraud and money laundering.

Cyber forensics teams play an important role in the banking sector. They help to investigate cyber crimes and identify the perpetrators. They also help to detect and investigate financial fraud. Cyber forensics tools are also essential for the banking sector. They help to detect and prevent cyber threats and financial crimes.This can help banks and other financial institutions protect their customers and their assets.

Internet banking has become one of the fastest and easiest ways of banking. It is estimated that 1 in 4 people are likely to become a victim of a cyber attack. Such is the risk in this industry, the financial sector must always be aware of the ever-growing threat in the cyber world..

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