Online Banking

Definition: Online Banking is a general phrase that means the capacity for individuals to manage their money or financial assets through an electronic connection to their financial services provider. Individuals using this method can access their checking and savings account, pay bills and initiate transactions such as wire fund transfers and more. Electronic money management through financial institutions is now quite common and has a number of associated security issues. The threats are increasing rather than decreasing The importance of providing robust computer security is essential. Online attacks against customers of financial institutions are becoming more sophisticated.

Its Relevance: Malicous attackers target electronic banking using a number of methods. One of the more common techniques is known as "phishing". If an attacker has a customer's name and email address, a perfect replication of the screen you would normally see can be sent to the customer that contains what appears to be a legitimate request for information. If the target "verifies" the confidential information based upon a fraudulent request a security breach would have occurred. Millions have been lost due to this threat vector succeeding. The problem is expanding into the mobile arena, too.

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