Security Measures in Internet Banking
“Internet banking is a faster means of banking which can be made safe through various security measures”
Following points are considered to elaborate the statement:
* Security in Internet banking
* Security threats in Internet banking
* Solutions to implement security
The rapid advancement in technology has touched nearly every area of life. The Internet and web technologies have already left their indelible mark on the way the world functions. Banking is no exception to this paradigm. In the financial services industry, the Internet and, in particular, the World Wide Web, serve as a new channel for ...view middle of the document...
It consists of various informational, communicative and transactional services such as view account balances, access transaction details, downloading financial information ,transfer funds between accounts, schedule future funds transfers, pay utility bills electronically, schedule automatic payments of bills, booking tickets, recharging prepaid mobiles etc. Because the account is available 24/7, you have the benefits of accessibility and convenience.
Need of Security:
Security is a crucial requirement in Internet banking system due to the fact that the sensitive financial information that these systems transmit travel over untrusted networks where it is possible for anyone with local or even remote access to any part of the path followed to get that information. Therefore the security is required to protect customers' private financial information to protect against frauds. Also banking institutions offering Internet-based products and services should have reliable and secure methods to authenticate their customers.
Security is defined as a state of being secure from any threat. The various targets of attack in Internet banking includes the customer’s PC, the bank’s web server as well as the data while it is in transit over the Internet channel between customer PC and the web server.
Following figure shows three targets of attack in Internet banking.
Therefore the security must be implemented for the client, the transmission channel and the web server which contains the banks web site as well as all financial database.
Types of Security Threats
Following are some of the security threats in Internet banking:
* Identity Theft: Stealing personal information. For e.g a hacker may steal userid and password information of some another person to make his own bill payment or to transfer the funds to his account without knowing to the original user.
* Phishing: Phishing is the criminally fraudulent process of attempting to acquire sensitive information such as usernames, passwords or credit card details by masquerading as a trustworthy entity. Phishing is typically carried out by e-mail or instant messaging, where it often directs users to enter details at a fake website whose look and feel are almost identical to the legitimate one. Attempts to deal with the growing number of reported phishing incidents include user training, public awareness, and technical security measures.
* Attacking Server: Servers are prone to virus attacks which results in destroying server resources such as client database on the server.
For e.g. Denial of service attacks means sending infinite number of requests to the bank’s server that it could not handle and thus it’s resources are crashed. Therefore the server becomes unavailable to legitimate clients.
* Key loggers: Key loggers are software program that gets installed on the client’s computer without knowing to him. It records each keystroke made on a particular computer while...