Irregular Expressions

Jan 19 2012   5:01PM GMT

Protecting online banking – Part 2

Dan O'Connor Dan O'Connor Profile: Dan O'Connor

I have come down to a handful of solutions that might do the trick.

1) Use a security key fob

Pros

– Adds that something you have element to the authentication system.

– Unless the FOB is stolen unauthorized access to the account should be fairly difficult. ( This has happened before with RSA and some defence contrators. )

– Cheaper then theft.

Cons

– These items can be pricey.

– They can get lost and increase the cost of owner ship.

– End users may find these complex.

2) SMS or smart phone app

Pros

– Something you have.

– fairly inexpensive.

– If the device is lost the destination number could be updated in person.

Cons

– Not everyone has a smart phone or cell.

– There could be costs encouraged by the user to receive the sms messages.

3) One Time Pad ( OTP )

Pros

– Cheap, real cheap.

– Something you have.

– Could be created in house.

– Very simple and easily managed by a end user.  Compared to other solutions it’s not very complex.

Cons

– Can be created in house, you want to make sure this is done correctly.

– Users still may find this complex.

There is some institutions already doing these things, I can hardly claim them as my own.  Also I am sure I have left some off the list.

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