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  Fast and convenient

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

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

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

Public Key Infrastructure  Encrypts and decrypts  Tamper detection  Authentification  Nonrepudation

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

News…  Microsoft file 117 phishing lawsuits  Anti-Phishing Act of 2005

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)

Works Cited     security-faq.html     news