Banks Banking on Network Security

1. Banks Banking on Network Security By Kelly Crancer p. 328

2. 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 • 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.

3. Bank of america • Worm reroutes the bank’s URL to thief's browser • SiteKey-two factor authentication • Image • Phrase • Then, enter password • Unusual computer-answer a personal question

4. 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 fob

5. 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 with

6. Barclays bank • 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 • Monitoring actions • Notifies customers when logging in at different city than normal or numerous transfers

7. questions • 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.

8. questions • 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.

9. questions • 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.

10. Current information • Vishing-(high-tech scheme, low-tech tool) using the telephone to ask for account information • Makes the caller ID look legitimate • “phishing”-V stands for voice • 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 • VishingScams-Dialing For Your Dollars • By Justin Pritchard, About.com • http://banking.about.com/od/securityandsafety/a/vishingscam.htm