Rohit Desai M00653255

•The technology that is considered

Fast and Convenient by many
people, is still a big question to a
large population of the world
whether Internet banking is a boon
or a bane to the current
generation.

•Internet banking indeed helps us

in day to day life greatly.
For ex: We can sit at home and pay
our bills and access the banks and
our credit-cards (associated with
the banks we have our credit in) to
withdraw money from the banks.
•But over a decade now unethical-
hacking cases have been
increasing more and more
especially in the Banks, where the
money from one bank account
would be transferred to another
bank account without the
knowledge of the rightful owner.

•Usually when transaction took

place from one bank accounts to
another there is was a one-way
security passage which required
the pin code or pass code to
complete the transaction.

•Also the transaction was

encrypted which meant that the
plain text was not visible or would
•But now technology has become
more advanced and so have
unethical hackers. Recent events
have shown that now unethical
hackers can also hack the one way
security passage password too.

•Usually the one way security

passage password is just the pin
code of credit card (associated with
the banks we have our credit in)
which the user needs to input as a
proof that he is the legal owner of
the card and the bank account.
•Nowadays unethical hackers have
developed their own software's
that can decrypt and decode the
pin code of the owner’s credit card.
Thus the two way security passage
password was introduced. In this
passage is more encryption and an
additional set of passage which
includes either a SMS or a
verification code.

•But the banking security stays

secure this way only when
transactions are made online.
Credit cards that are used to make
purchases elsewhere are still
vulnerable as they still follow the
one way security passage
password system.
The EMV (widely known as Euro
pay, MasterCard and Visa) protocol
is used worldwide for credit and
debit card payments and is
commonly known as “Chip and
PIN” in the UK. The analysis of
EMV has discovered flaws which
allow criminals to use stolen cards
without knowing the correct PIN. In
some cases where these types of
flaws are exploited – in the
“wedge” attack – the receipt and
bank records would show that the
PIN was correctly verified, leading
to the victim of this fraud to have a
request for refund denied.
This has been confirmed by the
Department of Computer Science
and Technology, that this type of
attack works in the UK, for online
transactions (where the terminal
contacts the bank for authorization
before completing the purchase). It
does not apply to UK ATM
transactions, which use a different
method for PIN verification.
There are some precautions that users
can take to make sure that their
chances of getting hacked reduces.
Some of them are:

•To not disclose passwords to anyone

else.

•To periodically change their password.

•To regularly check their account

balances and statements so that there
is no suspicious activity over a long
time.

•To promptly log out of services you

will be using.
 REFERENCES:
•www.info.ssl.com

•www.cl.cam.ac.uk

•www.thestandard.com

•www.bankinfosecurity.com