Online banking has become a common practice among the consumer and corporate sectors, offering convenience and accessibility to users and increased revenue opportunities for financial organizations. The widespread adoption of such practices was built on the premise that access to these online applications were safe and that the communications between the banking customer and bank
The losses attributed to financial fraud are alarming. The financial services industry has become a primary target of cyber attacks on a global scale and, in 2009 alone, suffered losses totaling $54 billion – an increase from $48 billion in 2008. Of equally grave concern to financial services institutions is the damage cybercrime can cause
The success of multi-factor authentication implementations in addressing security threats and attacks, such as eavesdropping, password guessing, phishing, social engineering, Man-in-the-Middle (MitM) and the like, is well known. This has also challenged hackers and cybercriminals to continue developing new kinds of attacks in their ongoing quest to steal data and identities, and commit fraud. SafeNet
Trust is the foundation of any good relationship. And this has never been truer, or more vital, than with the relationship between financial services providers (FSP) and their customers. Without the confidence that their financial information is protected, consumers will be less likely to use online services. This will directly impact banks initiatives toward cost