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Dulguun Dash- ochir Dr. Paul Safonov Chapter 4-Closing Case One IS 340 Section 06 February 10, 2010

Banks Banking on Security. Dulguun Dash- ochir Dr. Paul Safonov Chapter 4-Closing Case One IS 340 Section 06 February 10, 2010. Banks Banking on Security. -Online Banking (or Internet banking ):

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Dulguun Dash- ochir Dr. Paul Safonov Chapter 4-Closing Case One IS 340 Section 06 February 10, 2010

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  1. Banks Banking on Security Dulguun Dash-ochirDr. Paul SafonovChapter 4-Closing Case One IS 340 Section 06 February 10, 2010

  2. Banks Banking on Security -Online Banking (or Internet banking ): - allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society. -When Online Banking has a lot of advantages and opportunities, it also occurs many various security risks -The Banks normally have no influence over the systems used by their customers.

  3. Banks Banking on Security -These banks were victims of a crime: • Bank of America • Commerce Bancorp • PNC Financial Services Group • Wachovia -New Jersey police took hold of 13 computers with 670,000 account numbers -But there was no indication the data used for theft

  4. Bank of America -Bank of America has a strong authentication process for its 13 million online customers -Bank of America’s Sitekey service, which has two-factor authentication: • customer picks image from a library • writes a brief phrase -Customers must answer one of three questions, when they sign on from a different location or computer than usual.

  5. Wells Fargo & Company -Security strategy operates based on “out-of-wallet” -“Out-of-wallet” questions contain information that is not found in driver’s license or ATM card. -Offers network security hardware such as key fobs

  6. E-Trade Financial Corporation -Digital Security ID network authentication device free for: customers with account balance over $50,000. -Corporation charges $25 for device from customers with balance under $50,000.

  7. Barclay’s Bank • Instituted online-transfer delays of between few hours and one day. • Bank takes time to detect suspicious activity • If thieves transferred funds from victims’ bank accounts into accounts owned by “mules” -Mules are people who open bank accounts based on an email solicitation.

  8. Question #1 Which bank was one of the victims of a crime where a person tried to obtain customer data? a. US Bank b. TCF Bank c. Commerce Bancorp d. The Panama Bank

  9. Question #2 How many online customers does Bank of America have? a.13,000 b.10 million c.80,000 d.13 million

  10. Question #3 When enrolling in SiteKey, a customer picks an image from a library and _. a. answers the secret question b. writes a brief phrase c. picks an image again d. draws it down

  11. True or False • E-Trade Financial Corporation charges $25 for Digital Security ID device from customers with account balance over $50,000. • Mules are people who open bank accounts based on an email solicitation, usually under the guise of a business proposal.

  12. Discussion(speak speak! ) What additional types of security, not mentioned in the case, would you recommend a bank implement and why? Is it can be effective?

  13. Thank you so much for your time!  God bless you!Dulguun Dash-ochir

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