Added: 22.02.2010 16:08
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New threats facing online banking

With online banking becoming the most used way to transact with your bank there’s worries about an increasing amount of security threats facing users.

Online banking has become the most used way to do business with your bank. This has freed people to stay at home instead of queuing in a line. The added comfort has come with a price since there has been a new wave of security threats facing users.

Online hackers prefer to attack ordinary home users rather than banks directly because of the higher security levels that banks posses. Many home users don’t even have up to date antivirus software making them easy targets. The most often used tools that cyber criminals employ are keystroke logging, phishing and pharming. The newest technique is called “man in the browser attack” where the malicious code is only triggered when the user visits an online bank. This threat is difficult to fight because the malware is only distributed to the users of specific banking sites.

Until now at least the vast majority of banks have compensated any financial loss consumers might have experienced. In the future this might change however if the attacks on users increase. In this case the main responsibility of security falls on the consumer. The fear of significant financial loss might even prompt some users to abandon the use of online banking completely.

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Research question: How to make online banking safer?

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