1. Online Banking Security Magdalena Padyasek

2. Why Security? • Computer-based businesses • Advances in technology • Internet crimes • September 11th attacks • Cyber-terrorism • Internet banking

3. Internet Banking • Paper-free transactions • Account balances, transfers, bill payment, statements • Fast and convenient

4. One-way Security • Secure Socket Layer (SSL) • Safeguarding Online Purchases • Feel secure • Encrypts data between the client and the server by making a direct connection • Client sends an encrypted key to the server • Server decrypts and returns to the client

5. SSL lock • Click the icon, or double-click (varies by browser), and examine the security information displayed about the web site.

6. Two-Way Security • Public Key Infrastructure (PKI) • Insures privacy for both online company and online bank customer • Enables users to securely exchange data and money through public network

7. Public Key Infrastructure • Encrypts and decrypts • Tamper detection • Authentification • Nonrepudation

8. Online banking • Digital signatures – ensures identity • Firewall – shield between the internal systems and the Internet • Virtual Private Network – allows authorized outside users to access company data

9. News… • Microsoft file 117 phishing lawsuits • Anti-Phishing Act of 2005

10. Conclusion • Security precautions • Understand security risk • Internet crimes are growing at an alarming rate “Consumers actually need to be responsible…they won’t leave their doors open when they leave the house.” - Lydia Parnes (director of the FTC’s Bureau of Consumer Protection)

11. Works Cited • http://info.ssl.com/ssl_kb/article.aspx?id=10068 • http://www.w3.org/Security/Faq/www-security-faq.html • http://www.bankrate.com/brm/news • http://www.thestandard.com/internet news