BANKING SECURITY ONLINE
Pardeep Mehta · Journal of Emerging Technologies and Innovative Research · 2018
Internet banking is increasingly popular both in Norway and elsewhere. Banks have actively encouraged this cost-saving trend by persuading customers to sign up. Customers, attracted by online banking convenience, seem largely unconcerned about identity theft and phishing email scams. In fact, most customers seem to believe that Internet banking is quite safe simply because their banks told them so. In reality, this sense of security might be false. The study of customer authentication methods in several Norwegian Internet banks from 2003 through 2004 shows that authentication was often weak, offering simple—but powerful—attack possibilities. (Fortunately, none of the attacks were actually carried out.) Here, we discuss the authentication methods and the attacks they made possible. Our scenarios are based solely on publicly available Internet information. The aim of this paper is that, we speculate on why banks have developed insecure Internet banking solutions in the first place. We also suggest how universities might teach students to design more secure alternatives