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Chapter: Business Science - Banking Financial Services Management - High Tech E-Banking

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Security threats in e-banking and RBIs initives

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.

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

 

―adaptive Authentication‖ (means of providing authentication for end users without them having to know it is as work) may be considered for fraud
 
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