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Dulguun Dash- ochir Dr. Paul Safonov Chapter 4-Closing Case One IS 340 Section 06 February 10, 2010

Banks Banking on Security. Dulguun Dash- ochir Dr. Paul Safonov Chapter 4-Closing Case One IS 340 Section 06 February 10, 2010. Banks Banking on Security. -Online Banking (or Internet banking ):
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Banks Banking on SecurityDulguun Dash-ochirDr. Paul SafonovChapter 4-Closing Case One IS 340 Section 06 February 10, 2010 Banks Banking on Security-Online Banking (or Internet banking ): - allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-When Online Banking has a lot of advantages and opportunities, it also occurs many various security risks -The Banks normally have no influence over the systems used by their customers. Banks Banking on Security-These banks were victims of a crime:
  • Bank of America
  • Commerce Bancorp
  • PNC Financial Services Group
  • Wachovia
  • -New Jersey police took hold of 13 computers with 670,000 account numbers-But there was no indication the data used for theftBank of America -Bank of America has a strong authentication process for its 13 million online customers-Bank of America’s Sitekey service, which has two-factor authentication:
  • customer picks image from a library
  • writes a brief phrase
  • -Customers must answer one of three questions, when they sign on from a different location or computer than usual.Wells Fargo & Company-Security strategy operates based on “out-of-wallet”-“Out-of-wallet” questions contain information that is not found in driver’s license or ATM card. -Offers network security hardware such as key fobsE-Trade Financial Corporation-Digital Security ID network authentication device free for: customers with account balance over $50,000.-Corporation charges $25 for device from customers with balance under $50,000.Barclay’s Bank
  • Instituted online-transfer delays of between few hours and one day.
  • Bank takes time to detect suspicious activity
  • If thieves transferred funds from victims’ bank accounts into accounts owned by “mules”
  • -Mules are people who open bank accounts based on an email solicitation.Question #1Which bank was one of the victims of a crime where a person tried to obtain customer data? a. US Bank b. TCF Bank c. Commerce Bancorp d. The Panama BankQuestion #2How many online customers does Bank of America have? a.13,000 b.10 million c.80,000 d.13 millionQuestion #3When enrolling in SiteKey, a customer picks an image from a library and _. a. answers the secret question b. writes a brief phrase c. picks an image again d. draws it down True or False
  • E-Trade Financial Corporation charges $25 for Digital Security ID device from customers with account balance over $50,000.
  • Mules are people who open bank accounts based on an email solicitation, usually under the guise of a business proposal.
  • Discussion(speak speak! )What additional types of security, not mentioned in the case, would you recommend a bank implement and why? Is it can be effective?Thank you so much for your time!  God bless you!Dulguun Dash-ochir
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