Consumer Banking Security Products and Services

Thursday, May 10, 2012

Robert Siciliano

37d5f81e2277051bc17116221040d51c

Today’s banks aren’t your “Dads’” bank. Having been around for hundreds of years, banks are a significant part of our everyday lives.

Traditionally, banks haven’t been known for their “thought leadership” in technology, but today’s banks have to be cutting edge to compete, and stay secure.

All the conveniences of digital banking have its set of risks which requires upgrades in card technologies and authentication.

In response banks have provided numerous methods for protecting your personal information and also making your banking experience more secure domestically and internationally.

Multifactor authentication

This is generally something the user knows like a password plus something the user has like a smart card and/or something the user is like a fingerprint.

In its simplest form, it is when a website asks for a four digit credit card security code from a credit card, or if our bank requires us to add a second password for our account.

Key chain fobs

Some institutions offer or require a key fob that provides a changing second password (one-time password) in order to access accounts, or reply to a text message to approve a transaction.

Travel credit cards

Americans who travel abroad are finding that many smaller merchants and most unattended kiosks overseas won’t take their American based credit card leaving them high and dry and making cash a necessity and credit cards useless in these situations.

Travelers can use their old magnetic stripe cards, but will often find resistance or outright refusal of acceptance. In response big banks are issuing new EMV cards also known as “Chip and Pin” or smartcards.

SMS Banking

Banks know you are going mobile and have built secure infrastructure to accommodate banking on the go. One option might include receiving notifications of various banking transactions for security purposes.

SMS banking is also handy when the consumer wants to check an account balance before heading to an ATM.

Ask your bank what they offer to keep you safe and secure. You’d probably be surprised at how much they have evolved with technology.

Robert Siciliano, personal security expert contributor to Just Ask GemaltoDisclosures

Possibly Related Articles:
6105
Webappsec->General
Banking
Banking Online Banking Security Credit Cards SMS Consumers Multifactor Authentication Mobile Banking Key Chain Fobs
Post Rating I Like this!
Default-avatar
John McCammon What amazes me most is the transition that has occurred over the last ten years from security products like these to cyber security threats that most people can't control.
1343611388
The views expressed in this post are the opinions of the Infosec Island member that posted this content. Infosec Island is not responsible for the content or messaging of this post.

Unauthorized reproduction of this article (in part or in whole) is prohibited without the express written permission of Infosec Island and the Infosec Island member that posted this content--this includes using our RSS feed for any purpose other than personal use.