Topic: Web Security (Internet Banking) Essay

1054 words - 4 pages

In our society today, web security has enhanced rapidly, especially in internet banking. Internet banking is a new method for individuals to view their financial information online. Although this new integrated method is more convenient, it also has risks. In the past, databases for banks were only accessible to employees and threats damaging the databases were rare. However, society has changed since then and technology is continuously advancing by the second, making companies more susceptible to the external threats such as viruses or worms. These threats are only a few to name, for there are thousands that can manipulate the information in your documents. Moreover, because of the increasing amount of external threats, bank databases must have the highest level of security to be sure that they can protect their client's information as well as their own. If the highest level of security is not integrated, a client's information can be tampered with in a matter of seconds.With the amount of external threats accumulating each day, internet banking can create unbearable chaos in many individuals' lives. The importance of web security lies within these reasons: clients can be left with their accounts tampered; banks will lose their reputation for providing inadequate services and insurance companies will lose money because banks will have to claim their insurance. A real life example of chaos happening is when a fake website in 2003 was made to fool clients of a specific bank to give their passwords and usernames. This website had a similar interface to Hong Kong's bank called HSBC. "The person who designated this website had a pop up window appear in many individuals' web browsers, asking them to enter their user ID and password" [1]. The reason stated was because the bank was having an emergency andPage 2 of 6needed to store all the clients' information again or else it would be lost. Frantic and confused, clients entered their user ID and password not realizing that it was all a set up for a disaster. Overnight, the person who designed this fake website gained a million dollars, and left client's hearts broken and the reputation of the HSBC bank to fall apart. This example shows the importance of why web security should be at top notch in order to fully protect the company and its clients.Furthermore, another reason why web security needs to be at its highest level is because of malicious threats. "Malicious threats include attacks that are specially intended to cause harm to people, systems, and the networks of organizations" [2]. There are different types of menaces in this world, but a few examples are viruses, worms, and Trojans [3]. With a single click, a virus can enter you computer and spread itself among the documents on your computer. With worms, once they are into your computer they continuously reduplicate themselves until it fills up all the space in your CPU drive. The difference between viruses and worms is that viruses have its own...

Find Another Essay On Topic: Web Security (Internet Banking)

Consumer Reactions To Online Banking Essay

2928 words - 12 pages possibility in the future. There were no definite answer on when this concept would be put in place where people could do there banking activities in the comfort of there homes. Online banking began on October 6, 1995, when Presidential Savings Bank offered its customers an online alternative to traditional brick and mortar banking. This move in electronic customer convenience was quickly emulated by an Internet only bank, Security First Network Bank

The Changing Banking Industry in the Twentieth Century

3392 words - 14 pages to transfer funds and make loan payments between accounts, view real-time transaction history on accounts, pay bills through bill payment services, and access accounts. All these processes are done securely and safely through the Internet, without the need for additional software. Hernandez also points out that with Internet Banking, customers may access their accounts any time, day or night, seven days a week. To ensure safety and security

Online Banking

1954 words - 8 pages adding more security features to alleviate concerns and introducing new features like co-browsing, and online kiosks at their branches to promote the use of electronic transactions and provide customers with internet access at their local branch. A look into the future of the banking industry shows that banks are not moving away from virtual banking, but are instead promoting new uses of online service, and improving the existing features. Banks

The Competitive Nature of ACLEDA Bank

1314 words - 6 pages there are no needs for customers to meet bankers, unless there are some problems.  Complex transactions: There are some many complex transactions, which cannot be done unless there is face to face discussion with the manager. Because internet banks provide unclear solutions, it is not effective. Furthermore, there are some services that cannot be accomplished in internet bank.  Security: This is the biggest disadvantages of the internet banking


671 words - 3 pages ¡óTitle of the research proposalINTERNET BANKING¡óBackgroundI planned this topic for researching in terms of three factors. First of all,internet banking is an innovation in financial field nowadays; second, thescale of internet banking has been enlarging rapidly all over the world; third,internet banking increasingly closes to people's lives. The principalliterature sources from some main banks in China which have been

Phishing Attacks

769 words - 4 pages knowledge of phishing scandals and criminals are also becoming skilled to attain personal information of user (Workman, 2008).ReferencesHole, K.J.; Moen, V. Tjostheim, T(2006)., Case study: Online Banking security, Security & Privacy, IEEE Volume 4, Issue 2, March-April Page(s):14 - 20C. Grier, S. Tang, S. King, "Secure Web Browsing with the OP Web Browser", in IEEE Symp. on Security and Privacy (SP 2008), pp. 402-416, 2008.Durkin, M (2006)., "In Search of the Internet-banking Customer: Exploring the Use of Decision Styles", International Journal of Bank Marketing, Vol. 22, No. 7: 484-503.

Management of Information System:China Merchant Bank

1769 words - 7 pages system security, and developing new information technology.Under CMB's current information system, if a customer wants to pay his cell phone bill online, he has to apply for a password in any CMB branches and download CMB online banking installation first. If he is already has them, then he can quickly enter card number and password and logon internet banking by clicking "logon professional edition" or "logon general edition" button. The

Banking and the Economy

1928 words - 8 pages Internet to do home banking." says Edgar Brown, senior vice-president of alternative delivery products at First Union, Charlotte, N.C.One of the advantages of using chips on cards with or instead of magnetic stripes is better security. Microprocessor chips are very difficult to alter or forge. Chips can carry more information than magnetic stripes can. A microprocessor chip can store up to eight kilobytes of data. Smart cards make cheaper and

Networking: Network Security

2472 words - 10 pages system via the internet or a WAN (wide area network), however this would also require the client to have an SSH client installed. TLS Example A scenario where TLS is preferable to SSH is when online banking is concerned. TLS on the whole is a protocol that provides user authentication & protection to the confidential data being transmitted. It is the preferable choice here as it is built into every web browser, and requires no configuration in

Internet Advantages in our economy

644 words - 3 pages a wide source of information. With World Wide Web it's really easy to access any kind of data or topic. Costumers can reach several information through the internet. I think it's really important for companies to use the Websites as communication mediums to inform correctly their customers about their products or services. This makes possible to satisfy customers and prevent bad feedback from them. This has been a good aspect to make business

The Dependability of the Web

1164 words - 5 pages The Dependability of the Web A new age is upon us - the computer age. More specifically, the internet. There's no doubt that the internet has changed how fast and the way we communicate and get information. The popularity of the net is rising at a considerable rate. Traffic, the number of people on the web, is four times what it was a year ago and every thirty seconds someone new logs on to the net to experience for themselves what

Similar Essays

Computer Network Essay

1099 words - 5 pages they have a low reservation wage. In this case we would expect such marginality to be associated with lower earnings. r. s. In terms of the policy implications, the results imply that the banks can increase the usage of Internet banking by increasing confidence in their own Web sites, which can be done by increasing the security of their Web site and then signalling this to potential users. But that bank can only do so much to instil confidence in

Internat Banking Systems Essay

1386 words - 6 pages bill payment, transaction of money, making investment etc. through internet banking. There is centralized database in internet banking system which is connected with different banking system in web-based environment. Services are displayed in a menu by banks. Demo is also provided for every services selected by customers. Internet banking is available across geographies and customers can use its services anytime. Move from traditional and formal

A Review Paper Of Internet Banking Services

1815 words - 7 pages different kinds of banking and financial services ranging from bill payment to making investments. In internet banking system every bank has a centralized database that is connected with other banking system through web-based environment. All the services that the bank has permitted on the internet are displayed in menu. Through that any service can be selected by the customer and further the demo or working manual is provided by the nature of service

Internet Banking Essay

1782 words - 8 pages cost center.We can clearly see that internet banking bring us lots of convenient, however at the same time the risk of internet banking is also increasingly highlighted. A report from China Financial Certification Authority (CFCA) show that although the internet banking exhibited great potential and space, but security issues have become a big trouble. How to create a safety environment and provide safety services? This problem should be focused by