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Newsfactor.com has an article called “Online Banking: How Safe Is Your Money?” and talk about the security issue of online banking.

According to the article, Bank of America will released a new authentication system called SiteKey, some kind of software based security tools. E*Trade, on the other hand chose a hardware-based route called SecurID.

“SiteKey allows our customers to know that they are accessing our Web site and not a fraudulent site, and it enables us to know that we are dealing with genuine customers,” said Betty Riess, a spokesperson for Bank of America.”

What I know is, Sitekey is a kind of internet based software that will show customer an image and a phase that only customer know. So if a certain site is or not showing the correct image, then possible the site is being hijacked and you are brought to a fraud site.

“SiteKey uses cookies — packets of information commonly used as tracking devices — to check whether or not customers are accessing the bank’s Web site from their usual computers. If, for example, they are using a computer at an Internet café, then they are given some challenge-and-response questions that only they will be able to answer.”

SecurID for E*Trade is a hardware-based security tools. It will calculate a one time “passnumber” to enter when you are logging to E*trade. This tokens is free if you have $50000 asset with E*trade and $25 will be charged to others. Hmm, extra expenses for security with E*Trade….

“E*Trade chose a hardware-based route to stronger authentication. Since April 2005, it has been offering its customers devices known as SecurID tokens, which are made by RSA Security in Bedford, Massachusetts. For customers who are frequent traders on the site or who hold over $50,000 in assets with E*Trade, the SecurID tokens are free, and a one-time $25 charge for everyone else. “

Source : NewsFactor

Uncategorized Banking