Security threats in e-banking and RBIs initives

Security Threats in E-banking

     Phishing Spyware&Adware Viruses

Trojans Key loggers

Phishing

Hoax e-mail claiming to be from financial institutions

Spyware and Adware

Spyware is a type of software that secretively collects user information while on the internet

Viruses

A computer virus is software that affixes itself to another program like a spreadsheet or word document

Trojans

A Trojan anti-virus software program that poses a harmless application

Unlike viruses, Trojan do no replicate themselves and do not need a host program to attach to

Key loggers

If fraudster installs a software called ―key logger‖ on the computer or the device on which the customer in accessing online banking, the software copies to a file, every keystock typed on that PC.

RBI INITIATIVES

The initiatives taken by RBI are follows:

^Ø Customer induced options may be provided for fixing a cap on the value and mode of transactions/beneficiaries. Additional authorization may be instead when the customer wants to exceed the cap

    Limiting the number of beneficiaries to be added per day to be considered

    System alert to be introduced for beneficiary addition

    Number of transactions per day/per beneficiary may be monitored for suspicious transactions

^Ø  Introduction of additional factor of authentication for unusual transaction to be  authenticated on special request

    Bank may consider implementation of digital signature for large value payments for all customers, to start with for RTGS transactions

    IP address capture for transaction may be considered