Online Banking Security

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Online Banking Security

• Magdalena Padyasek

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Why Security?

• Computer-based businesses
• Advances in technology
• Internet crimes
• September 11th attacks
• Cyber-terrorism
• Internet banking

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Internet Banking

• Paper-free transactions
• Account balances, transfers, bill payment,
  statements
• Fast and convenient

4
One-way Security

• Secure Socket Layer (SSL)
• Safeguarding Online Purchases
• Feel secure
• Encrypts data between the client and the server
  by making a direct connection
• Client sends an encrypted key to the server
• Server decrypts and returns to the client

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SSL lock

• Click the icon, or double-click (varies by
  browser), and examine the security information
  displayed about the web site.

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Two-Way Security

• Public Key Infrastructure (PKI)
• Insures privacy for both online company and
  online bank customer
• Enables users to securely exchange data and money
  through public network

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Public Key Infrastructure

• Encrypts and decrypts
• Tamper detection
• Authentification
• Nonrepudation

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Online banking

• Digital signatures ensures identity
• Firewall shield between the internal systems
  and the Internet
• Virtual Private Network allows authorized
  outside users to access company data

9
News

• Microsoft file 117 phishing lawsuits
• Anti-Phishing Act of 2005

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Conclusion

• Security precautions
• Understand security risk
• Internet crimes are growing at an alarming rate
• Consumers actually need to be responsiblethey
  wont leave their doors open when they leave the
  house.
• - Lydia Parnes (director of the FTCs Bureau of
  Consumer Protection)

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Works Cited

• http//info.ssl.com/ssl_kb/article.aspx?id10068
• http//www.w3.org/Security/Faq/www-security-faq.ht
  ml
• http//www.bankrate.com/brm/news
• http//www.thestandard.com/internet news