Internet is an intrinsic part of our daily lives. In todays Internet driven society, many financial institutions offer their customers various financial services such as Bill payments, International funds transfer, money transfer etc., through Internet channel. The proportion of people, who expect to manage their accounts anywhere, anytime is constantly growing. Thus, Internet banking has quickly become an integral part of financial institutions. While Internet offers immense advantages and opportunities, it also presents various security risks. Online banking system authenticates users before granting them access to various services. Thus, user authentication is the fundamental process which is required to access secure and confidential data. User authentication is usually done using static passwords. Static password is a traditional password which is usually changed only when it is necessary. It is changed when the user has to reset the password i.e. either the user has forgotten the password or the password has expired. Static passwords are vulnerable to various attacks. To mitigate the problems associated with static passwords, One Time Passwords (OTP) was introduced.
Given enough time and resources, an attacker can usually breach password-based security systems and steal corporate data. Passwords have remained the most common form of SFA because of their low cost, ease of implementation and familiarity.
Time factors of authentication verify the identity of a user by challenging the time of the access attempt. This is based on the assumption that certain behaviors (like logging into a work computer) should happen within predictable time ranges. If an attempt to access a platform happens outside of the usual time range, the attempt can be challenged or terminated until a user can verify their identity.
The two-factor authentication grants access to an account when the person signing in has the correct password and one-time passcode generated on their phone. The hackers were able to steal the one-time passcode for users using the SMS-based authentication method.
hackers gained account details required to break the two-step text-based authentication. Coinbase fixed the problem, refunded its customers, and provided additional information on safeguarding Coinbase investments.
Introduction to User Access Security Commonly Asked Questions Policy Issues User Access Security Countermeasures User Access Security Checklist A person with a \"need-to-know\" has been designated by school officials as having a legitimate educational or professional interestin accessing a record. Introduction to User Access SecurityUser access security refers to the collective procedures by which authorized users access a computer system and unauthorized users are kept from doing so. To make this distinction a little more realistic, however, understand that user access security limits even authorized users to those parts of the system that they are explicitly permitted to use (which, in turn, is based on their \"need-to-know\"). After all, there is no reason for someone in Staff Payroll to be given clearance to confidential student records. It Really Happens!Kim approached Fred cautiously. As the security manager, she knew how important it was to gather information completely before jumping to conclusions. \"Fred, my review of our computer logs shows that you have been logging in and looking at confidential student information. I couldn't understand why someone in Food Services would need to be browsing through individual student test scores, so I thought I'd come by and ask you.\"Fred looked up at Kim as he if was surprised to be entertaining such a question. \"Are you forgetting that I'm authorized to access student records\"\"You're authorized to access specific elements that relate to a student's free- and reduced-price lunch eligibility,\" Kim clarified. \"That's the limit of your need-to-know.\"\"I didn't know that my access was limited,\" Fred asserted honestly. \"I figured that if my password got me into a file, it was fair game.\"Kim paused, realizing that it might be reasonable for Fred to have assumed that he was allowed to read a file if his password gave him access. \"Hmm, I see your point, Fred, but in truth you shouldn't be accessing student record information that isn't related to your legitimate educational duties. I'm not going to make a big deal of it this time, but from now on, limit your browsing to the free- and reduced-price lunch information. In the meantime, I'm going to send a memo out to staff reminding them what need-to-know really means.\"\"And you might want to reconsider how our password system works,\" Fred added. \"It would have beenvery clear to me that I had no business in a file if my password wouldn't get me in.\"An organization cannot monitor user activity unless that user grants implicit or explicit permission to do so! While there is no question that an organization has the right to protect its computing and information resources through user access security activities, users (whether authorized or not) have rights as well. Reasonable efforts must be made to inform all users, even uninvited hackers, that the system is being monitored and that unauthorized activity will be punished and/or prosecuted as deemed appropriate. If such an effort is not made, the organization may actually be invading the privacy rights of its intruders!An excellent way of properly informing users of monitoring activities is through the opening screen that is presented to them. By reading a warning like the one that follows, users explicitly accept both the conditions of monitoring and punishment when they proceed to the next screen. Thus, the first screen any user sees when logging into a secure computer system should be something to the following effect:Never include the word \"Welcome\" as a part of the log-in process--it can be argued that it implies that whoever is reading the word is, by definition, invited to access the system. W A R N I N G !This is a restricted network. Use of this network, its equipment, and resources is monitored at all times and requires explicit permission from the network administrator. If you do not have this permission in writing, you are violating the regulations of this network and can and will be prosecuted to the full extent of the law. By continuing into this system, you are acknowledging that you are aware of and agree to these terms. Commonly Asked QuestionsQ. Is it possible to have a secure system if you have employees who telecommute or work otherwise non-traditional schedulesA. Yes. While particular countermeasures might need to be adjusted to accommodate non-traditional schedules (e.g., the practice of limiting users to acceptable log-in times and locations), a system with telecommuters, frequent travelers, and other remote access users can still be secure. Doing so may require policy-makers to think more creatively, but each security guideline needs to be customized to meet the organization's needs anyway (see Chapter 2). Q. Is the use of passwords an effective strategy for securing a systemA. Just because password systems are the most prevalent authentication strategy currently being practiced doesn't mean that they have become any less effective. In fact, the reason for their popularity is precisely because they can be so useful in restricting system access. The major concern about password systems is not their technical integrity, but the degree to which (like many strategies) they rely upon proper implementation by users. While there are certainly more expensive and even effective ways of restricting user access, if risk analysis determines that a password system meets organizational needs and is most cost-effective, you can feel confident about password protection as long as users are implementing the system properly--which, in turn, demands appropriate staff training (see Chapter 10). Q. Are all of these precautions necessary if an organization trusts its staffA. Absolutely. While the vast majority of system users are probably trustworthy, it doesn't mean that they're above having occasional computing accidents. After all, most system problems are the result of human mistake. By instituting security procedures, the organization protects not only the system and its information, but also each user who could at some point unintentionally damage a valued file. By knowing that \"their\" information is maintained in a secure fashion, employees will feel more comfortable and confident about their computing activities. Initiating security procedures also benefits users by:
\"The threat actor used credentials (usernames and passwords) previously stolen in phishing campaigns to trigger SMS-based MFA challenges, and used access to Twilio systems to search for one-time passwords sent in those challenges,\" Okta theorized.
Mobile application banking uses a custom-designed software application installed on a smartphone or tablet that provides for a more user-friendly interfacethan is possible with either SMS or mobile browser-based banking. As such, this is the fastest growing delivery channel for mobile banking. However, thischannel introduces risks that may arise if third parties write the code for these applications, as well as the possibility that the applications can becompromised if customers install rogue, corrupted, or malicious software.
Once bank management understands the risks posed by mobile banking and the potential strategies for mitigating those risks at a high level, the final stepin the process is to apply those general concepts to the specific products and services offered by the bank. This begins with completing a risk assessmentbased on bank-specific factors. To complete an effective risk assessment, bank management should: 59ce067264