Have you tried transferring money online lately? It can get quite complex in the case of some banks. In the opening website, you give only your customer ID and press enter. The screen then moves onto another page that asks for the password.
Only then does it access the account. Once you ask for funds transfer, the system rather then carrying out the request immediately could first ask several questions. If the figure is big, it could even ask you to do things like keying in a distorted word on display . Only after all that will the transaction go through.
Safer transaction on Net
The whole process that normally takes less than 10 minutes could go on for 20 minutes. It becomes almost a memory test, you have to remember the password, and things like your mother’s maiden name, your birth date, address pincode.
Security service providers today offer a variety of such solutions.
One-minute password
One of these involves issuing a smart card or token which has changing numbers in them. When a user logs into his bank or brokerage website, he will be asked to fill in not just his password but also the additional number given in the token. The token number is a set of 7 to 8 digits that changes every 30 or 60 seconds.
Tracking user behavior
Another dynamic security solution involves keeping an active account of user behaviour and taking action accordingly.
Thus, the system will note the IP address from which you normally log in to the account, the nature of activities you normally conduct with the bank, the browser you use and the version of it, and even may be the resolution of your monitor.
The need for security
The need for more sophisticated security measures are arising from the fact that cyber crime is on the rise. There was a time when hackers hacked for fun. Increasingly, they are doing it for financial gains.
Have you tried transferring money online lately? It can get quite complex in the case of some banks. In the opening website, you give only your customer ID and press enter. The screen then moves onto another page that asks for the password.
Only then does it access the account. Once you ask for funds transfer, the system rather then carrying out the request immediately could first ask several questions. If the figure is big, it could even ask you to do things like keying in a distorted word on display . Only after all that will the transaction go through.
Safer transaction on Net
The whole process that normally takes less than 10 minutes could go on for 20 minutes. It becomes almost a memory test, you have to remember the password, and things like your mother’s maiden name, your birth date, address pincode.
Security service providers today offer a variety of such solutions.
One-minute password
One of these involves issuing a smart card or token which has changing numbers in them. When a user logs into his bank or brokerage website, he will be asked to fill in not just his password but also the additional number given in the token. The token number is a set of 7 to 8 digits that changes every 30 or 60 seconds.
Tracking user behavior
Another dynamic security solution involves keeping an active account of user behaviour and taking action accordingly.
Thus, the system will note the IP address from which you normally log in to the account, the nature of activities you normally conduct with the bank, the browser you use and the version of it, and even may be the resolution of your monitor.
The need for security
The need for more sophisticated security measures are arising from the fact that cyber crime is on the rise. There was a time when hackers hacked for fun. Increasingly, they are doing it for financial gains.
