Banks & E−Commerce Network Security Threats and Best Policies in Practice

Abstract

-This increase in e−commerce has driven the need to create an online payment system. Unfortunately, there are a lot of flaws and internet frauds. Cyber−criminals have benefited from on−line banking (OB). We try to predict how hacking tools might evolve. We briefly survey the state−of−the−art tools developed by black−hat hackers and conclude that they could be automated dramatically. To demonstrate the feasibility of our predictions and prove that many two−factor authentication schemes can be bypassed, we have analysed banking and modern payments system security. In this research we review different payment protocols and security methods that are being used to run banking systems. We survey some of the popular systems that are being used today, with a deeper focus on the chips, cards, NFC, authentication etc. In addition, we also discuss the weaknesses in the systems that can compromise the customer's trust.