Security Regarding Internet Banking

For well over the last few years now, internet banking (online banking) has become an effective way for people all over the world to keep track of their banking matters. Online bank users are using the web today for a number of different services that include electronic bill payments, transferring funds, and various types of investments. However, the security of online banking has to be taken into consideration as a number of incidents over the last few years are indicative of this. Many online hackers are taking the approach of trying to find new and innovative ways to get into people’s accounts and the best way to go about this is through finding personal information about the customer. There are many risks affiliated with internet banking, however, banks are using various techniques to prevent theft of private information.In order to adapt to the growing concerns surrounding online banking security, new techniques are being put in place for protection. Much of the advice giving to the banks and their customers is being adequately aware of risks and threats as to use suitable security solution. In this thesis, besides traditional popular security methods, I focus on advanced security technologies that help to protect online bankers:digital certificate, digital encryption and decryption. The ideas are: using virtual key board for avoiding key logger; and improving strength of password encryption.The system is only compatible with computers who have proper requirements, and functions by converting your personal banking information into an encrypted code. This encrypted information is later translated by encryption software when an authorized user requests it. Your personal information is encrypted well before you share it over the Internet, as steps to protect your personal information are taken when you visit a bank branch to apply for something such as a loan or a credit card.