The Issues on the Safety of Online Banking

Online banking, in any event to some degree, has become the norm for many simple bank transactions. This is not a bad thing – the easier it is for consumers to check their accounts, pay their bills and move money from one account to the other, the more likely they are to actually do these things and maintain a more organized financial life. Yet, interestingly, as the banking industry continues to increase its investment in now widely accepted online capabilities, security doubts still remain at the forefront of research inquires and banks continue to investigate users perception of them to convince users to Participate in online banking, although security is and always has been a major area of concern for online customers.

Traditional system of banking is the way I’ve always gone until I got to the U.S and got introduced to online banking, it’s actually extremely difficult to know how secure any bank’s information-handling is, and hearing multiple stories of huge sums of money and information being stolen by cyber criminals leads to my thesis statement: “Online banking is increasingly becoming less secure despite advances in security software technology” In the article “Is Online banking secure?

5 Risks that should worry you”, J.

Lee (2015) reviews in light of the evidence from the 2011 study that America’s site was imperfect in that in that it uncovered clients account information data in an unsecured way, at times clients would sign in and see another clients account detail. This episode was especially loathsome on the grounds that dislike Bank of America was effectively broken, traded off or messed with.

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This was an oversight in the site itself, and it wound up hurting a considerable measure of clients. In any case, the most exceedingly awful part is that bank of America did not inform their clients this was occurring. Notwithstanding when they knew about the issue, they neglected to convey any messages or updates to tell clients what they ought to do to restore security over their records.

He also reviewed another point that’s often overlooked which is banking on mobile device and explores how banking apps can be compromised by a term called “reverse engineering” which means extracting knowledge or design information from anything man-made and reproducing it or reproducing anything based on the extracted information; A technique that hackers use to find weak points of programs which they can exploit and also use it to locate weak points with the intention of strengthening the defenses there. J. Lee states, ” Using techniques like reverse engineering and mobile malware infections, is entirely possible for a bank app to be compromised and to have your credentials stolen or intercepted. Even using something like two- factor authentication might not be enough to prevent this” In another case Equifax had a breach that affected people’s identity. Hackers stole peoples names, social security numbers, birth days, drivers license numbers and addresses .

In the article “Equifax savs data from 143 millions Americans exposed in hack.” D. Harwell and S.Mufson (2017) reviews that The credit announcing office Equifax said Thursday that programmers accessed delicate individual information noteworthy cyber security rupture at a firm that fills in as one of the three noteworthy clearinghouses for Americans’ financial records. “The type of information that has been exposed is really sensitive. All in all, this has the potential to be a very harmful breach to those who are affected by it ” said Beth Givens, executive director of the Privacy Rights Clearinghouse, a consumer advocacy group based in San Diego. Here the author expresses sympathy towards customers affected by the breach which I think agrees with my thesis statement but in a different perspective in the sense that no money was stolen through fraud but people’s identities and sensitive information. D. Harwell and S.Mufson (2017) adds that Equifax likewise lost control of an unspecified number of driver’s licenses, alongside the charge card numbers for 209 000 shoppers and credit question archives for 182 000 others.

The organization said it didn’t distinguish interruptions into its “center customer or business credit revealing databases.” I would say the writer was biased. He didn’t just talk about how weak the companies security system is but he feels that nothing could have been done to help prevent the crime. There should be more awareness about the strength of their security system as more information is being put online. Finally in contrast to the above paragraphs, in the article “Firewall Don’t Stop Hackers. Al Might.” Talks about new security program described as an immune system that catches hackers before serious harm can be caused. Hackers are usually in the system for 200 days before they make their move of attack. N. Eagan (2017) says that she believes we will see something rise, it may be what might as well be called a FICO score, indeed where everybody in the store network has some sort of constant perceivability encourage into [the status of the other companies]. You’d see something going from what we would call a golden caution to a red alarm.

Something wot luminate on your dashboard saying, “Somebody in your information store that something’s turning out badly.” (AI) Artificial Intelligence is a computer system that can do tasks that humans need intelligence to do. N. Eagan (2017) in an interview she states, “artificial intelligence is the only way to defend networks against the “unknown unknowns”, the inside jobs and novel exploits your antivirus scan won’t find”. The huge test that the entire security industry and the central security officers have at this moment is that they’re continually pursuing yesterday’s assault. That is somewhat the attitude the entire business has that on the off chance that you investigate yesterday’s assault on another person, you can help foresee and keep tomorrow’s assault on you. It’s imperfect, on the grounds that the assailants continue changing the assault vector.

However organizations have spent such a great amount of cash on devices predicated on that false commence. Our approach is on a very basic level unique: This is simply learning continuously what’s happening, and utilizing AI to prescribe moves to make, regardless of the possibility that the assault’s never been seen. That is the enormous progress that Dark race is endeavoring to get people like that online retailer to make: to be in the position of arranging forward deliberately about digital hazard, not responding to the past. In a nut shell, with the advances of technology companies like this is taking advantage of the improvement of artificial inteligence they are not letting the hackers evolve without taking upon themselves security using todays technology.