Question

Security Features of internet banking.

Answer 1

Security Features:

• Security token device for online banking
• Use of a secure website has become almost universally adopted
• Single password authentication
• PIN/TAN system where the PIN represents a password, used for the login
• OTP (One time password) to user's (GSM) mobile phone via SMS.
• Signature based online banking where all transactions are signed and encrypted digitally
• Digital certificates are used against phishing and pharming
• Use of class-3 card readers is a measure to avoid manipulation of transactions by the software in signature based online banking variants
• Users should use virus scanners and be careful with downloaded software or e-mail attachments to protect Trojan attacks