Securing Online Banking Services in an Insecure Environment

2011

Building A Secure Internet Banking Environment for the Bank, 2021

This study was developed for the Bank and implemented on a real test environment and the study aims to build a secure Internet Banking Environment for the Bank which provides a high level of security and availability and effective management and control of a network environment. The researchers used the interview and questionnaire as tools to collect data for the primary and final study. By analyzing the interview questions and the questionnaire, the researchers concluded that the bank needs to build an online banking environment with a high level of security and availability to save time and effort for customers and the bank, reduce congestion on the bank, gain customer satisfaction, get more customers and meet their requirements At the end of the study, the researchers made a plan for implementing the appropriate proposed solutions.

2009

At a time when e-commerce applications are fast emerging as an efficient and popular delivery channel for financial services, security risk is also enhanced which can transform the lives of many for the worse. With the advent of the e-commerce, it has become much easier for a 'data bandit' to sit in non descriptive location and quietly siphon away money from the service users. The financial service outlets (e.g. automated teller machine (ATM), Point of Sale (PoS) terminals) have been a soft target for these bandits since long. In the existing model, the users are forced to trust a service outlet to be authentic. A spoofed outlet can collect the account information and misuse it in some way later. Installing an outlet is also an expensive affair due to the need of dedicated network connectivity and hardware.

International Journal Of Engineering And Computer Science, 2017

Internet banking or E-banking has attracted the attention of banks, securities, insurance companies in developing nations since the late 1990s and the rapid and significant growth in electronic sectors and commerce it's obvious that electronic (online internet) banking and payments are likely to advance or rapidly increased. Introduction:-Major Challenges For E-Banking In India:-E-Banking in India is its emerging state of development. Most of them are basic services only the deregulation of e-banking industry coupled with the emergence of new banking technology is enabling new competitors to enter the financial services to enter the financial services markets quickly and efficiently. However, it needs to be recognised that perception norms and an improvement in the functioning of services.

E-banking has a lot of benefits that add value to customer’s satisfaction in term of better service quality, and at the same time enable banks to gain a competitive advantage over other competitors. However, more attention towards e-banking security is required and needed against fraudulent behavior because the lack of control over security makes e-banking still un-trusted for many till today. This paper presents security issues related to e-banking along with the characteristics and challenges of e-banking fraud. Different types of attacks, some fraud detection strategies, and some prevention methods used by electronic banks, are also presented in this paper. An expert opinion method was used to rank different model and techniques in security. Results indicated that the most effective model is “Transaction Monitoring” and the worst models based on respondent’s opinions are “Virtual Keyboards”, “Browser Protection”, and “Device Identification”. The organization of this paper go in the following manner: section 1 will introduce the topic, followed by a literature review in section 2. Section 3 depicts the research methodology adopted and the data analysis process. Finally, conclusions and future work are stated at the end of the paper.

Alexandria Engineering Journal, 2012

As the number of clients using online banking increases, online banking systems are becoming more desirable targets for attacks. To maintain the clients trust and confidence in the security of their online banking services; financial institutions must identify how attackers compromise accounts and develop methods to protect them. Towards this purpose, this paper presents a modified model to authenticate clients for online banking transactions through utilizing Identity-Based mediated RSA(IB-mRSA) technique in conjunction with the one-time ID concept for the purpose of increasing security, avoiding swallow's sorties and preventing reply attacks. The introduced system exploits a method for splitting private keys between the client and the Certification Authority (CA) server. Neither the client nor the CA can cheat one another since one-time ID can be used only once and each signature must involve both parties. The resulting model seems to be practical from both computational as well as storage point of view. The experimental results show the effectiveness of the proposed model.

Gujarat Technological University

Indian banking industry is showing growth as also technology enabled banking services. This has brought in its wake new channels (especially e-channels) that have led to in certain cases to the reduction of total user costs. The flip side is that this has raised issues of security, accuracy, property and privacy for customers availing these innovative services. These issues pose challenges to the providers of these services. The paper is an attempt to highlight the possible areas of risks for the consumers, the efforts made by the bankers to mitigate these risks, and the views of customers related to security of their e-banking transaction.

2007

This paper demonstrates that general purpose computing devices, including mobile phones, are not a sufficiently trustworthy platform for financial transactions. Current defences against phishing attacks, including multi-factor authentication systems, do not work against many attacks. Such attacks have been seen in the wild as well as in theory. This paper proposes hardware which would secure internet transactions without requiring any trust to be placed in a general-purpose computing device. The key to the device is a set of protocols to provide end-to-end security coupled with a trustworthy user interface which provides transparency about what transaction the user is authorizing. In addition, this paper proposes that the device can provide transaction audit trails which support the customer in case of disputes with the bank.

Innovation is doing new things, which leads to change. With the growth in information technology, the world has revolutionized. It has actually changed the way of communication, of doing business, of transacting and even of thinking. The impact of information technology especially internet is visible everywhere in almost all domains like hospitality, education, banking, etc. Banking sector has diversely grown. It has been offering various services to the customers. In this paper we will see how much banks and the customers are comfortable using the Internet banking, what kind of services are being offered by various banks, why people were and are rigid, hesitant and reluctant to accept e-banking, what factors and initiative banks should take to bring customers towards e-banking . This paper presents a systematic review of more than 60 research papers which will start from the basic benefits for adopting internet banking, to the issues involved in the same specifically related to the security. To make a decision on the usage of internet banking the most imperative aspect is security. There are various security threats and there are multiple researches going on for providing a better security measure.

IEEE Access

ICT security in the banking area is going through rapid changes. It is ten years since we covered the state of e-banking security, and both authentication schemes and legislation has evolved. With the Payment Services Directive (PSD2) for European Union coming into force, we believe it is a good time to update our findings. PSD2 brings new requirements for multi-factor authentication, thus it is necessary to revise compliance of currently used schemes. This work's main contribution is an overview of current authentication methods, their properties with respect to international standards, and their resistance against attacks. We further discuss the multi-factor authentication schemes composed of those methods and their compliance with the PSD2 requirements. In order to present the overview, we introduced the e-banking attacks taxonomy, which is compatible with authenticator threats from NIST Digital Identity Guidelines but has an increased level of detail with respect to the e-banking area. The available sources in this area are usually either very broad, targeted on the business executive, or focus on one particular issue or attack in greater detail. We believe our article can bridge such diverse sources by providing a comprehensive and complex tool to help with orientation in the area.