Online Security Banking

In: Computers and Technology

Submitted By slashdomba
Words 478
Pages 2
One of the most important customer concerns about online banking is security. Since 2006 to date, advanced internet technologies have been designed to protect your account information throughout the entire online banking process, from your computer through the bank's own systems and back again. Although absolute confidentiality of data transmitted over the public internet is not guaranteed, the strongest available industry-standard SSL protocols are used to encrypt all data transmissions between your computer and data center. Messages are not decrypted until they are inside the bank’s firewall. At that point, they are subject to additional internal security procedures common to ATM and telephone banking services.

With reference from the case study, we realized that some Norweigian banks used customer’s SSN and pins as a form of authentication which was proven to be weak and vulnerable to attacks. Since 2006 till now banks all over the world have improved upon their authentication methods and tighten security issues involving online banking security. To be able to access most links, you will need Internet access and an Internet browser that supports Secure Sockets Layer with 128-bit encryption and a computer with at least a 133mHz processor and a 28.8 modem or a high speed connection.

Today, online offerings are more robust, giving consumers a wider range of choices. But safety of both their personal data and their deposits remains a major concern of many.

[pic] The diagram above depicts the security processes involved in online banking security.

Many banks and credit unions allow you to set up email alerts that give you notice when certain account activity occurs. There are a variety of alerts, and different institutions will offer different ones. To avoid the security risk of…...

Similar Documents


...Executive Summary Mobile Banking (Vishavjit Singh & gurjeet singh brar) Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. The use of mobile phones in order to effectuate banking transactions is bound to increase in a significant way in the near future. This growth in mobile financial services not only depends on technological advances, but also on consumer confidence in the provided services. Almost every person has a cell phone now and knows how to use it. In our fast-paced, ever-connected world, mobile technology is an attractive if not essential feature that banks can offer their customers. But mobile banking does not merely benefit banking customers. In terms of customer satisfaction, service costs, and security, mobile technology benefits banking institutions themselves. Customers are giving more portion of their lives to their cell phones. So financial institutions are adopting Mobile banking to fulfill customer’s needs via mobile phone. This would both be benefit for customers and financial institutions. * It would help banks provide their customers with their regular services online. * It would save the money and time of the banks. * It’s a faster and cheaper way of communication for banks. * Mobile phones can be taken anywhere so the banking can be done by the customer anytime and anywhere. Problems: Well there are few problems using the mobile banking. One has to keep the......

Words: 333 - Pages: 2

Online Banking Steps

...1 Find out your bank's website. If you call them, whomever answers the phone will know. It may be that someone at the bank will talk you through setting up an online account. If not, it's easy. 2 Set up an online account. You will need a user name and password. Your user name can be anything you choose. It might be your own name, a nickname or a made up name. As long as you can remember it, it makes no difference. Now you need a password. The password is what gives you access to your account. Make your password a combination of letters and numbers that only you and other owners of your bank account know. Do not write your password on a sticky note and put in near your computer screen. Don't paste it to your desk. And do not ever give it to anyone who asks, whether on the phone or in your email. Even if the asker says he is from your bank, he is not. He is trying to gain access to your bank account. Guard your password and give it to no one. 3 Gather your monthly bills together. All the bills you would ordinarily pay with a check, envelope and stamp are now going to get paid electronically. 4 Go to your bank's website. You will see dozens of choices there. Choose and click on the one that says "Set up automatic bill pay." You may have to click on "Customer Service" first and then "Set up bill pay." Once you see the bill pay page, look for "Add Payee." 5 You will now add payees to your electronic checkbook. You will find boxes that want the payees name, address and......

Words: 653 - Pages: 3

Technology Report on Online Banking

...300 Almost half of Americans use online banking and the statistic is growing. Banking is even going mobile. There are multiple banking applications available for smartphone users. If there’s not an “app” for your banking needs then there’s a strong possibility that your bank has a mobile version of their site making mobile banking easier than ever. How is internet/smart phone banking possible? The answer lies within the application and implementation of management information systems. These information systems contain components that work together to provide information. With the technology available today, banks have basically taken their information systems and expanded them to management information systems. Essentially using the data they already have but using it in a way to achieve business goals, such as the convenience of online banking. Before internet banking customers were forced to bank during the bank’s limited business hours, often time, banks opened after you were at work and would be closed by the time you got off work. Additionally, customers were forced to wait in excruciatingly long lines during peak business hours in order to handle their financial needs. Customers would have to endure all of that just to check the balances of their accounts. In order to better serve customers and their needs, internet banking was implemented. In the beginning, internet banking was extremely limited. Customers could check their balances......

Words: 1517 - Pages: 7


...Lichtenstein & Williamson: Consumer Adoption of Internet Banking UNDERSTANDING CONSUMER ADOPTION OF INTERNET BANKING: AN INTERPRETIVE STUDY IN THE AUSTRALIAN BANKING CONTEXT Sharman Lichtenstein Deakin University, Australia Kirsty Williamson Monash University and Charles Sturt University, Australia ABSTRACT This paper reports key findings from an interpretive study of Australian banking consumer experiences with the adoption of internet banking. The paper provides an understanding of how and why specific factors affect the consumer decision whether or not to bank on the internet, in the Australian context. A theoretical framework is provided that conceptualizes and links consumer-oriented issues influencing adoption of internet banking. The paper also provides a set of recommendations for Australian banks. Specifically, the findings suggest that convenience is the main motivator for consumers to bank on the internet, while there is a range of other influential factors that may be modulated by banks. The findings also highlight increasing risk acceptance by consumers in regard to internetbased services and the growing importance of offering deep levels of consumer support for such services. Gender differences are also highlighted. Finally, the paper suggests that banks will be better able to manage consumer experiences with moving to internet banking if they understand that such experiences involve......

Words: 12503 - Pages: 51


... “Internet banking enables bank customers to handle account management and perform account transactions directly with the bank through the internet.  This is also known as internet banking. Online banking has made personal and business banking faster, more efficient and safer”. Every service offered by any company or institute have its own advantages and disadvantages. Same here internet banking is a service which is offered by banks. Its disadvantages are given as below: Advantages of Internet BankingThere are plenty of perks offered by banks to customers who adopt internet banking over the traditional visit physically to the nearest branch office. Convenience: This is the single most important benefits that outweigh any shortcoming of internet banking. Making transactions and payments right from the comfort of home or office at the click of a button without even having to step out is a facility none would like to forego. Keeping a track of accounts through the internet is much faster and convenient as compared to going to the bank for the same. Even non transactional facilities like ordering check books online, updating accounts, enquiring about interest rates of various financial products etc become much simpler on the internet. Better Rates: The banks stand to gain significantly by the use of internet banking as it implies lesser physical effort from their end. The need to acquire larger spaces for offices and employ more staff to deal with the customers is......

Words: 1394 - Pages: 6

Osn (Online Security)

...through developing an online support network (OSN). Designing a teacher professional learning through curriculum integration strategies would precede wireless laptop classroom integration, create access for educators to share and plan new academic tasks collaboratively (Oliver, 2010). For instance, a study on OSN conducted by Stewart, Bachman and Babb (2009) promoted online teacher training technology through social constructivism (SC). Stewart, Bachman and Babb (2009) found that online teacher training delivered a massive conventional teaching approach which can be incorporated to traditional pedagogy. The data collected based on the responses from a survey showed a changed in the attitudes with indicating that 89% of teacher trainer enjoyed the format of the course. While, 67% felt the course organized well; 73% found the lectures were informative. Ninety seven percent found online discussion helpful; 86% technology improved their technological skills; 70% would suggest the program to other educators. Stewart, Bachman and Babb (2009) study demonstrated a clear effect on altering the form of a promising future of prosperity along with the importance wireless technology usage in the instructional and, learning atmosphere through the strategy of social a constructivism (SC). According to Stewart, Bachman and Babb (2009) although, the online teacher training was successful, they were unable to establishing a relationship between teacher’s characteristics, online learning......

Words: 1776 - Pages: 8

Online Banking Evolution

...Ariana Garcia CIS/207 August 05, 2014 Anderson Smith System Evaluation Paper Banking has developed and continues to develop as the years go by. Traditionally a customer would walk into a branch if there were any type of transaction to be made. On paydays, a customer would walk into their bank and deposit their check, or cash them. If a customer wanted to send money to their family in Canada or another state they would submit a form to send funds to them, it would then take a few business days for the recipient to have the money in hand. In 1983, the basic and original functions of online banking began via telephone and a television, they were introduced by The Bank of Scotland, and were called “Homelink” (Yodlee, 2012). In October of 1994 the online banking website was developed in the United States by Stanford Credit Union (Yodlee, 2012), and has since then continued to expand with other bank institutions worldwide. Online banking has developed many tools to satisfy their customers by allowing convenience from their home with online websites, or even the palm of their hands with a phone application. There is little need for anyone to leave their home to send or receive money, deposit a check, pay a bill, view a statement, or make transfers between accounts. There are many other useful tools available for online banking and many innovations yet to come. Online banking has helped bank institutions keep customers satisfied by providing them with the latest...

Words: 756 - Pages: 4

Online Banking to assess and to compare the development of e-banking solutions by financial institution with a local approach. Online banking or Internet banking or E-banking allows customers of a financial institution to conduct financial transactions on a secured website operated by the institution, which can be a retail bank, virtual bank, credit union or building society. In 2014, around 69 million American citizens bank online on a regular basis, and 81% of the ones who managed household finances have banked online at least once in the last couple of months, according to the Pew Research Center, and institution dependent on the Federal Reserve. In the light of this data, we took a look at five financial institution that operate in our area to see what tools are they implanting in order to replicate the procedures and provide our customers with a useful and secure online set of services in the near future. The financial institutions chosen were Wells Fargo, First Citizen Bank, Union Bank, High Country Bank and PNC. Regarding their online services, they seem to be pretty standardized and most of them offer a basic service that includes online access, money transfer, bill Payment with an option to receive alerts regarding movement in your accounts, even Wells Fargo Mobile app allows users to deposit their checks online by taking a picture of it. Besides, all of them have been putting effort to provide a safe environment to do online money transactions in a safe way. On the......

Words: 873 - Pages: 4

Advantage of Online Banking

...because there are too many banks, too many branches, and too many competitors. A merger is when two companies combine to form a larger more powerful firm. Many economist have opposing view points on the role that mergers play in the economy. In the past five years many mergers have occurred in the banking industry for example; Chase Manhattan and Chemical Bank, BankAmerica and NationsBank, and Banc One and First Chicago. These are only a few of the hundreds of mergers that have taken place in the past five years. Although consolidation can make the banking industry more productive, merging and reducing expenses give only a short lived boost to earnings. In the long run we will end up with bigger banks facing the same problem, fewer and fewer people who need them. Like any other industry in today's society the banking industry is changing. Some economist even say its becoming extinct. Bank rivals are pressing from all directions. Commercial Loans that was once an exclusive banking industry has been invaded by companies such as GE Capital and Merrill Lynch. "Over the past five years loan activity at GE Capital already one of the countries biggest lenders has climbed 11%, while the banking industry loan growth has crept along at a 3% annual rate. Or look at Merrill Lynch. Over the past year, it has originated $4.2 billion in commercial loans, equal to roughly one third of KeyCorp's total commercial loan portfolio at the end of 1994."1 Even the consumer-loan franchise is being......

Words: 1152 - Pages: 5

An Experimental Investigation of Online Banking Adoption in China

...Journal of Internet Banking and Commerce An open access Internet journal ( Journal of Internet Banking and Commerce, April 2009, vol. 14, no.1 ( An Experimental Investigation of Online Banking Adoption in China Guangying Hua, PhD candidate Bentley University, Massachusetts, USA Postal Address: Morrison 324, Waltham, MA 02472 USA Email: Guangying Hua is a PhD candidate at Bentley University. Her research interests include business analytics, social networking, and issues in IT applications in business area. Abstract Online banking, an Internet based service enabling people to do financial transactions, has been an obstacle for the development of e-commerce in China. This paper investigates the online banking acceptance in China. We conducted an experiment to investigate how users’ perception about online banking is affected by the perceived ease of use of website and the privacy policy provided by the online banking website. We find that both perceived ease of use and privacy policy have a significant impact on user’s adoption of online banking. In this study, we also investigate the relative importance of perceived ease of use, privacy, and security. Perceived ease of use is of less importance than privacy and security. Security is the most important factor influencing user’s adoption. A discussion of the implications of these results and limitations are provided at the end...

Words: 3943 - Pages: 16

Privacy and Security at the Digital Age: the Innovation of Business in the Online World

...Privacy and security at the digital age: The innovation of Business in the online world Over the past decade the world has solely relied upon technology and its transformation throughout the years allowing for the revolution of social media to completely change how everyone communicates especially for businesses, allowing them to extend out and provide large opportunities for themselves. According to ISACA (2010), through the use of social media, it allows businesses to gain serious advantages through research and evaluation of their competition, their consumers, and the market. This enables them to not only help develop them to be on top of their issues, but using it as a tool for enhancing a better relational experience with employees and customers. For businesses to be successful with their organisations or products, social media is the key to their communication with their stakeholders through privacy and security, where it strongly impacts business to improve, but can be considered also to be a big risk where that barrier can be invaded, which can cause legal and ethical issues. Privacy and security are known to be the most important issues surrounding social media and the innovation of businesses today. Although it may be argued that users voluntarily sign away their privacy by using these social media when creating accounts and putting their personal data online, it is not clear how consent actually works in these situations (Custers et al. 2014). But overall......

Words: 1757 - Pages: 8

Online Banking

...Business Management Report on Online Banking for the Future For this assignment, I chose to research the DCU bank. On their website, they provide a specific section for Businesses. In this section they provide online banking in the ”Free Business Banking" section. Here, they provide FREE online access, a FREE online bill payer. This was the first thing I saw when I signed onto their website. In another section of their website under 'customer service' there is a link labeled "online banking". Here, they explain how online banking gives people 'easy access' to their own accounts 24/7. You can deposit checks online, transfer money to different accounts, apply for loans and many other things as well. Overall, I think that online banking is certainly a good thing for small business owners to manage their finances. With access to their accounts 24/7 it would make a lot of things easier. Technology has made it easier for me to pay my bills. Rather than writing checks and sending them in a week before they are due I can just go online and pay them through my account. It is much easier. Also, it makes things easier when transferring money onto my debit card when making purchases- it saves me a trip from driving all the way to the bank to withdrawal. I think the same thing goes for business firms as well- they can probably deposit checks through their phones or over the internet as well. In my opinion, I think that within the next 5 to ten years people won't even need to......

Words: 405 - Pages: 2

Online Banking

...Project 1 On Problem Statement for Online Banking Systems Submitted By:- Vanitha Reddy Pannla 1687324 Online banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. To access a financial institution's online banking facility, a customer with Internet access would need to register with the institution for the service, and set up a password and other credentials for customer verification. The credentials for online banking is normally not the same as for telephone banking. Financial institutions now routinely allocate customers numbers, whether or not customers have indicated an intention to access their online banking facility. Customers' numbers are normally not the same as account numbers, because a number of customer accounts can be linked to the one customer number. The customer number can be linked to any account that the customer controls, such as cheque, savings, loan, credit card and other accounts. Customers create a username and password to login to the system. For example:- The above image is the chase bank online banking system home page. On the right hand side you can see the log in to the account using a user name and password. To access online banking, a customer visits the financial institution's secure website, and enters the online banking facility using the......

Words: 950 - Pages: 4

Online Banking in Bangladesh

...Chapter 1 1.1 Introduction Internet Banking is growing popular day by day in Bangladesh. A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Internet banking not only provides banking facility round the clock but also helps a country to get attached to the international economy as well as business. People throughout the world are now getting engaged with more activity and business and hence need the fast and anytime access to his/her bank account. Internet banking also facilitates buying and selling various products which varies country to country. In Bangladesh many banks have launched Internet Banking. Amongst those HSBC, City Bank, BRAC Bank, Bank Asia, Jamuna Bank, Janata Bank, Southeast Bank, AB Bank, First Security Bank, Mercantile Bank, Premier Bank etc are in action already. Some are known as online banking, some are Internet Banking, providing various facilities. Like City Bank has the facility of account check and statement print including query about cheque book information. Bank Asia has almost same facilities but with addition they have internal fund transfer facility along with bill payment and mobile phone recharge which are, in fact quite handy. Mercantile bank has a schedule for internet banking. It is Sunday to Thursday, 9am-3pm. They have the facility of money transaction, deposit and withdrawal though they charge a particular amount for each transaction according to their policy, it is a...

Words: 6383 - Pages: 26

Online Banking

... Introduction Background Online Banking or Electronic Banking is a new but emerging technique in Bangladesh. it has not been long time that the banking sector of Bangladesh adopted automation but the positive thing is the speed of transformation that means the change is happening so fast and Bangladesh is adopting the modern method of banking appropriately. Since it has been launched, online banking is getting more and more popular. Online banking pioneers in Bangladesh are the multinational banks but other local banks (both the public and private) followed the trend almost in a paralleled way. A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Online banking not only provides banking facility for 24 hours, moreover it helps countries to get attached with one another and helps to advance in trade and commerce. It actually helps to be interlinked, to go global and to stay updated with the current money and asset management techniques. The online banking is also referred as Electronic banking or Internet banking. As the world is going global so people from different countries are now getting engaged in business and other activities thus they now need very fast and easy access to bank accounts to fulfill the exchange formalities. In Bangladesh many banks have adopted online banking, these banks are HSBC, SCB, Citi Bank NA, Dutch Bangla Bank, City Bank, Bank Asia, Eastern Bank, Jamuna Bank, UCBL, AB Bank etc. All...

Words: 5635 - Pages: 23

Dragon Ball Super Episode 54 English Dub | Espionnage | Greg Grunberg