The biggest security threats to online banking
Banking sector is the most sensitive sector regarding the breach of internet security. There are monetary transactions that may contain sensitive data. If these data go public it may pose some serious security concerns. The threats have been there for long and we are yet to find a permanent cure for the misuse. Malware is one of the biggest objects that throw some serious issues regarding the security in the online banking. Networking has become a more reliable method of transacting sensitive data. It is being relied upon by people around the world. The main issues that crop up are mainly during the transactions.
Mobile banking in particular is one of the prime methods of transaction now days. It is handy and more than useful for people as it makes life so easy. Mobile banking may regarded as one of the huge subsidiaries of online banking.
There is however a certain extent of security in case of online banking as the system has purged itself over a long period of time. However the mobile computing that has made for mobile banking is tough to handle. The security has to be more foolproof when the media upon which the transaction is carried out is so dynamic and diverse.
The use of mobile phones recently for the banking purpose has taken a shot in the arm. People are more relying upon their handsets that are robust and portable. The job can be done much more easily and any time anywhere.
Thus reliability of the network is important otherwise the function would turn out to be hazardous rather than useful for the consumers of this service. The big concern of the developed nations such the one of USA have suffered big setbacks regarding the implementation of mobile banking.
This system is rather new for everybody and the miscreants are making full use of the loopholes still left uncovered. The fraudsters do targets such applications which are easily accessible to people and the data is insecure to a certain extent.
Botnets are now a familiar substance for people who are involved with online banking. Similar to botnets are the DDoS or denial of service. These two bugs have plagued quite successfully the world of online banking for quite a while.
Though security experts have claimed to shutdown a fair number of botnets such as the Mariposa Botnet, it is now the DDoS that is taking the banking industry off-guard.
It is high time that the banks in order to safe guard the interests of their customers, try to educate the users of online banking regarding the threats that the users face. It is no use hiding as many of the customers are still now apprehensive about the usage of online banking and its effectiveness. It is to be remembered that the security of the customer is the top priority of any banking organization thus the technical glitches which are still persistent with the system must be dealt with more care. Separate institutions or watch dogs should monitor the transactions made by the customers which would help the banking sector to get the much needed boost in order to move another step ahead into new modes of banking.
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