Technological advancements in Banks
With banks growing leaner in terms of staff by the day; one can not imagine life without online banking. Free online banking facility comes with a new savings account. But with online banking grew online crimes. While legal policies to combat cyber crime is getting stricter; even the banks are safe-guarding their sites and their consumers from the cyber crimes.
Right from making the data-transfer in between the consumers’ machine and the banks server in secure manner, to multi-level passwords and introducing a personalized ‘sitekey’ – the banks are taking all the steps right. With strong security, one can expect savings and investments go up in bank.
Security begins with passwords. One password, along with defined sitekey image, works towards logging in the user. Thereafter, any online transaction requires another password for its successful execution. The next set of security comes with data encryption. Any data sent over wire is encrypted so that hackers sniffing do not get meaningful data. General encryption algorithms are 64 bit or 128 bit. Higher bit encryption ensures higher security.
While all security is in place, it is also important to create awareness in online customers regarding possible hacking methods. Few of the common methods are phishing, spyware, Trojans, worms etc.
Phishers attempt to fraudulently acquire sensitive information, such as user names, passwords and credit card details, by masquerading as a trustworthy entity in an electronic communication. Minimize risks from phishing by not clicking on any link given in an email; never reveal bank identity/password by any means to anyone.