By Kelly Crancer. p. 328. Security. 670,000 account numbers and balances were seized by New Jersey mastermind.. Bank of America, Commerce Bancorp, PNC Financial Services Group, and Wachovia were the victims. ID: 703131
DownloadNote - The PPT/PDF document "Banks Banking on Network Security" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Banks Banking on Network Security
By Kelly Crancer
670,000 account numbers and balances were seized by New Jersey mastermind.
Bank of America, Commerce Bancorp, PNC Financial Services Group, and Wachovia were the victims
In the past, banks found the cost too high to invest in the security technology.
Now, the market value of personal information becomes important, causing banks to invest in the technologies.Slide3
Bank of america
Worm reroutes the bank’s URL to thief's browser
SiteKey-two factor authentication
Then, enter password
Unusual computer-answer a personal questionSlide4
Wells fargo & company
“Out-of-Wallet” questions-not found on driver’s license
Key fobs-change password every 60 seconds
Two-factor authentication pilot-small businesses making electronic transfers will need the key fobSlide5
E-trade financial corporation
Customers with more than $50K-free Digital Security ID for network authentication
Displays new 6-digit codes every 60 seconds to log on withSlide6
Online-transfer delays to detect suspicious activity
Due to phishing incidents-large transfers from victims’ accounts to “mules” accounts
Created based on e-mail solicitations
Notifies customers when logging in at different city than normal or numerous transfersSlide7
What reason would a bank have for not wanting to adopt an online-transfer delay policy?
Customers can’t access their funds immediately.
Why is network security critical to financial institutions?
All the bank’s money is accessible via the computer and could be stolen with little record of where it went.Slide8
Explain the differences between the types of network security offered by the banks in the case. Which bank would you open an account with and why?
Bank of America has the best form to fit my needs with the two-factor authentication.
I don’t see the need for key fobs with different passwords so frequently with Wells Fargo.
E-Trade would be better for their customers with large sums of money using the device with a new code ever 60 seconds.
Barclays’ delays would not be as important to me, with smaller sums of money because I need immediate access at certain times.Slide9
What additional types of network security, not mentioned in the case above, would you recommend a bank implement?
I think a device with fingerprint hardware would be very valuable to online bank users.
Identify three policies a bank should implement to help it improve network information security.
Be willing to change with technology.
Make users change their passwords frequently.
Have monitory verification managers to watch suspicious activity.Slide10
-(high-tech scheme, low-tech tool) using the telephone to ask for account information
Makes the caller ID look legitimate
“phishing”-V stands for
If you get a call requesting this information, hang up and call your bank
If it was a real bank request, they will let you give it when you call back
Otherwise, report the caller
For Your Dollars
Today's Top Docs