case study(literature review)

 

 This case study reviews the relevant threat in banking system from different scams  like phishing and malware which is shown to be the top frauds activities in banking sector.Banks have taken various techniques to gathering authentication data, such as requesting partial information rather than full passwords and depending on drop-down menus rather than text forms.

  The online banking systems provided by the Lloyds Banking Group (which includes Bank of Scotland and Halifax) and the Royal Bank of Scotland Group (which includes Natwest, Royal Bank of Scotland, and Ulster Bank) are vulnerable to a remote attack, which allows an adversary to commit financial fraud. The vulnerability arose as a result of bad software engineering practises that prioritised usability over security. More specifically, authentication systems are linked to credential recovery techniques to allow the authentication of clients who have lost their credentials; these secondary authentication mechanisms are insecure since they rely on publicly available information.
fraud. In such circumstances, banks may withhold refunds and claim negligence, or they may blame the customer for fraud.

Previously, many informations or phisings were undergone by hackers.The technology poses security issues for banks, as evidenced by the cost of online banking fraud in the UK, which totaled £59.7 million in 2009, a fourteen percent increase over the previous year [The10].

 

 

 

 

 

References:   Smyth, B., 2010. Forgotten your responsibilities? How password recovery threatens banking security (No. CSR-10-13). School of Computer Science.