Why People Refuse To Use Internet Banking Information Technology Essay

why People Refuse To Use Internet Banking Information Technology screenDo you consider online briming in its current state to be desex. In your experience, what argon the biggest mistakes that financial services admitrs and their customers make that expose them to certification risks?The reality is changing at a staggering rate and technology is considered to be the key driver for these diversitys around us (Papers4you.com, 2006). An analysis of technology and its uses doom that it has permeated in almost e rattling aspect of our c atomic number 18er. many a(prenominal) activities are handled electronically due the acceptance of information technology at home as well as at workplace. Internet abide be seen as a truly global phenomenon that has made clip and distance orthogonal to many proceeding. The transformation from the traditional banking companying towards e-banking has been a leap change.The evolution of electronic banking started from the use of automatic tell er machines (ATM) and has passed through tele bid banking, direct bill sticker payment, electronic fund transfer and the revolutionary online banking. The future of electronic banking correspond to some is the acceptance of WAP enabled banking and interactive-TV banking.Online banking is the future of electronic financial transactions. The rise in the e-commerce and the use of profit in its facilitation along with the enhanced online protective cover of transactions and sensitive information has been the core reasons for the penetration of online banking in everyday life (Papers4you.com, 2006). According to the latest official find outs from the Office of National Statistics (ONS, 2006) indicate that subscriptions to the net profit has grown more than 50% from 15 million in 2000 to 35 million in 2005 in the UK. It has overly been estimated that 60% of the population in the UK use internet in their daily lives.Why people forswear to use internet banking?Today, t present are st ill many internet users who refuse to do their banking online. Their main reason for not doing so is the need of online banking hostage. One of the reasons why they feel in insure close banking online is because of misinformation.not fill outing the limit information close internet security.A necessitate from the University of Michigan by Atul Prakash looks at goal flaws that many online banking come ins oblige today. He concluded that they pop off to nurse users who dont know the basics about internet security.The read focussed on design flaws rather than actual software programming trippingnesses. Web grade design flaws are decisions or assumptions that were made by the vane developers when they intentional the online banking website. For example, the developers expect that online banking users were educated about internet security. In fact, the opposite is true.many online banking users are uneducated about basic internet security. This assumption puzzle forwar d be taken advantage of by unscrupulous hackers. many of the design flaws of online banking security areBeing able to main course the site by exploitation insecure HTTP,Being airted to an untrusted site,Low security word of honor thresholds and e-mailing confidential selective information to users.These are all examples of website design flaws that mint lead to confidential information world leakedStrong Passwords As far as user word of honor information goes, many of the sites involved in the study dont require battle cry restrictions for users. Having clinical depression quality crys invite themselves to being disclosed by brute- deplumate attacks. The study also noted that having a strong password does not protect against phishing sites and key loggers.Many banks find it to be just an inconvenience for their users to force strong passwords. The online banks claimed that by enforcing a three-strike1lockout policy when incorrectly typing in a password makes brute-force at tacks on low quality passwords unrealistic.However, the study comprise that point so when a three-strike lockout policy is lend oneselfd, it can be broken if low quality passwords are allowed. For example, if you use a password that is very weak like password, hackers can successfully use automated attacks to compromise your login. This is so, even if the online bank enforces a three strike policy. The design flaw here is that online banks have assumed that users go forth always use strong passwords. Online banks mustiness not assume that some online users on a lower floorstand basic internet security and enforce the creation of strong passwords.Well designed online banking sites will enforce strong passwords by using JavaScript2to immediately test the passwords strength. If the password is not strong enough, the user will immediately be advised by an on-screen error message or a graphic. Click here to create a password and test whether it is a strong password.Hackers and int ruders have an easier clock time figuring passwords out when they are not frequently changed. You must change your passwords regularly, especially for your online banking password. When you change your password, the hackers would have to start over again.Online banks with strong password security policies automatically enforce users to change their passwords periodically. Typically a password creation screen will appear and you will be asked to modify your password twice. You will also need to know the old password.It is harder for hackers to figure out your password if you use a number of different characters especially if it is a combination of letters, numbers, and symbols found in your keyboard. Of course, it will be harder for you to think about the new password, so you have to make sure you memorize the combination.A useful tip never use passwords that are codes like your parentage date, spouses name, or other relevant information because your password can be deduced quick ly and easily. These coded passwords are used by a lot of people, peculiarly in ATM machines and email passwords. By doing this, you simply make yourself a big target to hackers.Chain of Command The University of Michigan study by Atul Prakash also mentions websites that break the chain of trust. Often time, bank websites will redirect you to other websites without notice. These sites may not be secured by using SSL3. Many times the certificates4used are not affiliated with the bank at all and thither is no way for the user to tell if they are still on the banks website or not. This makes it hard for even knowledgeable users to know if they are on a phishing5site or notSome online banking sites may present secure login options within an insecure web paginate. While their online banking site may offer secure logins via SSL and HTTPS6, that same webpage may be purchasable insecurely through a HTTP7version. While redirection to a secure page may occur, if the user had already entered in credential information under the insecure page, thence their credentials are at risk of being compromised.While many sites exhibited 1 or 2 of the noted flaws, there were many on the list that didnt show any flaws and offered very replete(p) security. It also went on to note that some of the sites may have even fixed the flaws noted in the study at the time when the study was released.Online Banking Tips for Doing It SafelyWith the increasing popularity of the Internet as a virtual marketplace, consumers and criminals alike have capitalized on this growing community. As a result the production of Internet security has become one of great importance, especially when it comes to online banking. However, just banking online is not as vexed as it may seem. It simply involves do the right choices. here are some tips that will help plug a safe banking experience on the Internet.First, make sure that the bank you choose is legitimate. If they do not have a branch you can visit l ocally, then you wont have the convenience of checking them out in person. In such cases, it is advisable to read pertinent information about the bank on its site. Most financial institutions will have an almost Us tab where you can read more information about the bank and its history. You should even be able to the find name and divvy up for the banks headquarters along with a toll free number you can use to speak with a live person.Second, be aware of criminals who put up fraudulent websites under a name or web address similar to that of a credible bank. Unfortunately, these undesirables have caused some fright when it comes to online banking. However, they can be fairly motiveless to spot and avoid. These sites are designed to trick you into entering their website and providing your personal information (i.e., social security number, grievance number, password). Be sure you have typed the appropriate web address for your bank before accessing your account online. This can be easily operated by deem marking your banks site or adding it to your favourites in your web browser. Doing this virtually guarantees you will visit the correct site in the future.Third, safeguard your clubby information. Thieves would fill out to get a hold of your credit card numbers, banking info, social security number and other private data. Review your banks security practices. This information is commonly available on their website, but you should also be able clash the bank directly if necessary.Fourth, a secure online banking site will provide encryption8. In this process, private information is scrambled in pronounce to prevent the wrong eyes from seeing it. Some web browsers will show an icon at the bottom of your screen that looks like a key or a lock. This icon indicates that your transaction is secure and your private information has been encrypted.Hackers and bad people are constantly attempting to crack into our online accounts and access everything from our e mail to our online banking records for nefarious purposes. How can you stop them from easily accessing your accounts? One very important step is to use highly secure passwords that arent easily guessed or cracked by their malicious software. Most of the time theyre after easy targets and will move on if your account cant be hacked quickly.Here are five tips to help you create secure passwords for your online accounts Dont use names, dates, phone numbers, or addresses Dont use common words from the dictionary Use a mix of lowercase letters, uppercase letters, numbers, and special characters (such as * % where possible) Make it at least 8 characters long (longer is better) Change it often (for online banking or hosting accounts, savor every month)You may want to use an online random password generator.If youre worried that you may have trouble remembering all your secure online passwords, dont remediate to using the same password at multiple sites or using passwords that arent sec ure Instead, consider an option like RoboForm or RoboForm Online. You can also use Firefox as your browser (its free) and allow it to save your passwords. Just be sure to use a master password to secure your passwords file. You can find details about that at http//kb.mozillazine.org/Master_passwordFinally, make sure that you logout of the online banking site completely. When you are finished with your online banking session, you need to be sure that you log out. If you do not physically click the log out button, you may cheque signed in. Anyone who uses the computer that you used to check your bank account could then get into your bank on-line account. It could also give more time to those people who want to crack into your bank account.Checking for the lock that indicates a secure log in is crucial to being careful when using online banking. It helps you to ensure that you are giving your password and information over a secure connection. Password protection, and having a secure p assword, will allow you to make it difficult for others to log into your account. By logging out, you can be sure that you have stopped the connection, preventing anyone (both online or in person) from finding and using your account. You need to be responsible when using online banking to ensure that your finances are safe.It should be puddle that safe online banking is not an impossible task. It simply involves being well certain and making the right decisions.