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Online Banking Security

Online Banking Security. Magdalena Padyasek. Why Security?. Computer-based businesses Advances in technology Internet crimes September 11 th attacks Cyber-terrorism Internet banking. Internet Banking. Paper-free transactions Account balances, transfers, bill payment, statements

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Online Banking Security

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  1. Online Banking Security Magdalena Padyasek

  2. Why Security? • Computer-based businesses • Advances in technology • Internet crimes • September 11th attacks • Cyber-terrorism • Internet banking

  3. 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

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

  6. 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

  7. Public Key Infrastructure • Encrypts and decrypts • Tamper detection • Authentification • Nonrepudation

  8. 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

  10. Conclusion • Security precautions • Understand security risk • Internet crimes are growing at an alarming rate “Consumers actually need to be responsible…they won’t leave their doors open when they leave the house.” - Lydia Parnes (director of the FTC’s Bureau of Consumer Protection)

  11. Works Cited • http://info.ssl.com/ssl_kb/article.aspx?id=10068 • http://www.w3.org/Security/Faq/www-security-faq.html • http://www.bankrate.com/brm/news • http://www.thestandard.com/internet news

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