Feb 08, 2014

Online banking security measures

I'd like to have a better understanding of the security measures in place for online banking and remote access to online bank accounts. How hackable of these?

Secure Online Banking: What Banks Are Doing to Make Online Banking Safer

"Anti-virus protection. By using up-to-date anti-virus protection, banks can help detect viruses and prevent them from spreading.

Firewalls. By helping banks block unauthorized access to individuals or networks, firewalls help create a more secure online banking environment.

Secure Socket Layer (SSL) encryption. This creates a secure connection with your browser when you log in, fill out an application, register for services and more. And although the technology is sophisticated, it's easy to make sure that SSL encryption is active on the page you're using. Just look for the lock symbol at the lower right-hand side of the page or look for "https://" at the beginning of the page's URL/web address.

Cookies. By placing a cookie (a piece of text stored on a user's computer by their web browser) on your computer after your initial login, banks can then recognize or authenticate your computer when you login to your account again. If you use a new computer to login to your account — or you erase your cookies — you will be required to enter additional information at the time of your next login."

I’d say pretty safe, especially with the advent of multi-factor authentication. Of course, nothing is completely secure. A lot of it depends on the practices of the user/customer - after all the most popular password is 12345678 (or something equally lame). The most successful attack is probably phishing, which fools victims into giving out their own information. This article should give you some more information - hope it is helpful: http://resources.infosecinstitute.com/modern-online-banking-cyber-crime/


BTW, I'm not sure how this applies to countries outside of the North America and the EU. 

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