By Kelly Crancer
670,000 account numbers and balances were
seized by New Jersey mastermind.
Bank of America, Commerce Bancorp, PNC
Financial Services Group, and Wachovia were
In the past, banks found the cost too high to
invest in the security technology.
Now, the market value of personal
information becomes important, causing
banks to invest in the technologies.
Worm reroutes the bank’s URL to thief's
two factor authentication
Then, enter password
answer a personal
not found on
change password every 60 seconds
factor authentication pilot
businesses making electronic transfers will
need the key fob
Customers with more than $50K
Security ID for network authentication
Displays new 6
digit codes every 60 seconds to
log on with
transfer delays to detect suspicious
Due to phishing incidents
large transfers from
victims’ accounts to “mules” accounts
Created based on e
Notifies customers when logging in at different
city than normal or numerous transfers
What reason would a bank have for not
wanting to adopt an online
Customers can’t access their funds
Why is network security critical to
All the bank’s money is accessible via the
computer and could be stolen with little record
of where it went.
Explain the differences between the types of
network security offered by the banks in the
case. Which bank would you open an account
with and why?
Bank of America has the best form to fit my needs
with the two
I don’t see the need for key fobs with different
passwords so frequently with Wells Fargo.
Trade would be better for their customers with
large sums of money using the device with a new
code ever 60 seconds.
Barclays’ delays would not be as important to me,
with smaller sums of money because I need
immediate access at certain times.
What additional types of network security,
not mentioned in the case above, would
you recommend a bank implement?
I think a device with fingerprint hardware
would be very valuable to online bank users.
Identify three policies a bank should
implement to help it improve network
Be willing to change with technology.
Make users change their passwords frequently.
Have monitory verification managers to watch
tech scheme, low
using the telephone to ask for account
Makes the caller ID look legitimate
V stands for voice
If you get a call requesting this information,
hang up and call your bank
If it was a real bank request, they will let you
give it when you call back
Otherwise, report the caller
Dialing For Your Dollars