Database Analysis : Secure Online Banking System

Online shopping has become a lifesaver for many consumer providing conveniences; convenience sells. Today’s consumers expect to see a company’s presence online with the top social media tools including Facebook and Twitter. With the advancements in mobile technology, consumers can make purchases with the click of a few keystrokes on their smartphone. These purchases require customers to enter in their personal information, including mailing address, email and banking information. Entering this information online can open customers up to the threat of hackers stealing their personal information including their bank account information.

Abstract – Software Security is the need of the hour today, especially when we have so many of our day to day activities depending upon computers, internet and software’s. These technologies are of utmost importance even for the most basic activities like banking, trading, shopping, social media and communication, which uses different software tools to provide service to users all around the world. Migrating to this tech world has made it a necessity to provide a high quality of software with equally good security. Systems nowadays like a banking system deals with highly sensitive personal information, so providing software security is as much important as the development of the software. The course project required us to develop a secure banking system which helped us to learn about the various software security tools and the get knowledge regarding the current trends in the field, what can be the possible attack vectors , attack patterns and how to mitigate their effects and defend the system against various such factors.

Compliance is of high importance. Payment Card Industry Data Security Standard (PCI DSS) has specific guidelines that must be followed. Linux and open source infrastructure is able to handle security demands listed by the stated legislation and regulations. Security audits will be completed according to the specified policy. Kernels can be customized and access controls can keep the system locked down. The suitable security framework that forms the basis of the recommended

These hackers threaten our security and confidentiality every day by getting unauthorized access and stealing our most valuable or sensitive information. Privacy and security concerns are not unique to the bank industry; they are spread to personal information such as health or employment, and other e-commerce transactions. The protection of this information has to be ensured by the company or bank in order for customers to continue the relationship with such.

With the evolution of Internet, new technologies are appearing and new ways of doing business are slowly changing the world. One of those new business process are online stores. This technology allows user to sell or buy their products or services online. These data exchanged during those operations are extremely very critical and no error with the manipulation of these important information can be allowed. For the protection of those personal and financial information, security plays a big role in this industry.

Current technology is evolving fast, which brings new dimensions to people’s daily life. Moreover, network technological innovation not only brings huge economic benefits to the bank, but also has brought new needs for the requirements of online banking. The interaction between user and bank has been substantially enhanced by deploying computer operations, which not only reduce the cost of bank service, improving the efficiency of service, but also achieve a new kind of operation without using paper .However, Online banking transactions can be a double-edged sword. These conveniences give also rise to a series of safety problems such as phishing sites and cyber crime. Thus customer’s behavior has been limited on account of the unsafe e-commerce environments. This essay will argue that there exist risks in online banking which can lead to criminal behavior, and a number of reasonable solutions have been developed to reduce the risk for customers such as improving online banking system, raise citizens’ internet knowledge and workers’ professionalism to a new and higher level.

Protecting customer data is highly important for the integrity and reputation of any firm. Without securing customer information, a firm is destined to fail and possibly face harsh legal penalties in the process. Therefore, it is of utmost importance to the organization as well as the customers to identify and practice ways to keep it safe from internal and external threats. To do this, it is imperative to have strong security architecture with sound policies in place and do business online safely within the Intranet of the firm and online over the Internet.

According to a recent study by University of Michigan, in an examination of 214 bank Websites, more than 75 percent of bank websites have at least one design flaw that could lead to the theft of customer information and flaws are ones that even an expert user would find difficult to detect and unlike bugs, cannot be fixed with a patch. It was recommended to use SSL throughout the entire website and to avoid using links to third-party sites. Secure banking websites have become an integral part of our day-to-day life from our personal to our job-related business. A survey conducted by Pew Internet states 42% of all internet users bank online. With 24/7 access from around the world users can view balances, transfer funds and lots more at their convenience using online

Technology has been the main driver for globalization of banking operations. Various advancements in technology have not only changed the banking business but also the way customers perform their banking activity. Banking industry is moving from the traditional brick and mortar set up to the virtual channels at a very rapid rate. Technologies like ATM, POS terminals, internet and mobile banking have increasingly influenced the use of e-money over paper money. The purpose of my research paper is to examine how the advancement in technology affects the banking services. I will also examine how technology impacts the financial transaction costs and revenue generation for banks. For the purpose of this research paper I have reviewed academic peer reviewed articles, case studies and internet resources. Since virtual channels can be used to offer standardized banking products, banks can shift their focus on relationship management. On one hand banks are adopting newer technology to reduce cost and provide convenience to customers, but not all technology is easily adopted by customers as they raise some serious security concerns. In order to bridge this gap, banks will have to provide advanced security measures and assure information quality.

Internet Banking is one of the cutting-edge internet technology applications, which promises multiple benefits both for the financial institution and for customers. In last few years a large number of banks have launched websites, offering online Banking services. While the functioning of these digital systems seem to be relatively smooth in the United States and some other technology oriented countries, but the situation may be different in European countries.

In this article,it have analysed with regard to the perceived security in using Internet banking of British customer.However,this still relevant to my topic …..

E- marketing is popular nowadays worldwide. Through the help of Internet companies interested in selling goods and services can easily penetrate into the homes and offices of prospective buyers. Companies can measure their marketing related statistics easily and relatively inexpensively. Certain drawbacks such as information security related issues are of prime concern. Online banking is on constant rise

We have discussed internet banking and security issues. Then we have given comparison of internet banking in developed countries and developing countries on the basis of security and infrastructure issues. Examples of banks are given from Pakistan (HSBC) and Sweden (Nordea). And services of both banks are compared on the basis of infrastructure and security issues.

Security of i-banking transactions is one of the most important areas of concerns to the regulators. Security Issues include questions of adopting internationally accepted state-of-the art minimum technology standards for access control, encryption, firewalls, certification of digital signature, Public/Private Key Infrastructure (PKI) infrastructure etc. The regulator is equally concerned

Apart from the admirable functionality of the site, users should always be concerned about the security issues of the system. The massive increase in the drift of e-Commerce has led to a new generation of associated security threats and thus, the site focuses on major security issues like-