Banks use online banking software to ensure customer privacy and security when banking online. It is extremely critical that these safeguards perform every time to meet strict privacy policies ensured by the bank. Many consumers want to know how online banking software protects their privacy, so banks have information available that explains what security measures are taken.
Information protection with online banking software:
1. The banks use several different methods to protect privacy. To log on, you need your account number, your Social Security Number and your private password.
2. If you forget to log off, after 15 – 20 minutes, the program will automatically terminate and you will be signed off.
3. Banks consistently evaluate the latest security technologies and upgrade systems when improvements become available.
4. Online banking software is continually monitored.
5. All information within online banking uses Secure Socket Layer (SSL) protocol for transferring data. SSL is a cryptosystem that creates a secure path for information being transferred from your modem to the bank and back. Your browser sends a message via SSL to the bank’s server, the bank responds by sending a certificate, which contains the bank’s public key. Your browser checks the certificate for authenticity, and then generates a random session key, which is used to encrypt data travelling back and forth. This session key is encrypted using the banks public key and sent back to the server. The bank then decrypts this message using its private key, and then uses the session key for the remainder of the communication.
6. The SSL protects data in 3 ways:
- Authentication: This ensures you are communicating with the correct server
- Encryption: This scrambles the transferred data.
- Data Integrity: This verifies that the information you received wasn’t altered during the transfer. The system detects if any data was added or deleted after you sent the message and if anything looks tampered with, the connection is cancelled.
What we see as consumers is an easy to use system that makes our banking more convenient. What the bank is responsible for is beyond our comprehension. They must have many safeguards in place and online banking software that is tamper proof and secure.
