BPI Online Banking Security
Introduction
Nowadays bank customers want to have a more convenient and hassle free bank transactions. And because of that banks made some innovation, and that is online banking. But is safe for people to invest in online banking?
Statement of the Problem
What is online banking?
Online Banking is a financial transaction that is conducted via internet. Many people are now interested in using online banking because they can manage their bank accounts easily. Online banking is also used to pay bills or transfer money between bank accounts. We can also use online banking anywhere and everywhere, with the help of our mobile phones. Almost all of the banks with online banking are offering a mobile app to make banking even more convenient. But is it safe for people to invest in online banking?
What are the security measures of BPI online banking?
BPI uses intrusion detection system and firewalls. Intrusion detection system is like a security camera, this notifies you if your network is under attack. Firewall is like a security guard because this is the one that examines all the data transferred and received. A Firewall can accept or deny data, if the data is trustworthy it will be accepted, if suspicious it will be denied and returned to the sender. BPI also use security products which are meant to protect, physically and logically, all of their servers and information systems, including the data stored in their systems.
BPI's websites are all secured using VeriSign’s Security Certificate which enables SSL for end-to-end encryption. SSL is the one responsible for encrypting data online. Encrypting is the process of converting information into codes. If we say that an SSL is end-to-end encryption, it means that the data transferred by the sender and receiver or vice versa is being encrypted. In that way, transactions will be more secure or private because only the sender and the receiver can open those data.
BPI requires their customers to have a password with 6-12 alphanumeric characters. They also prohibit reuse of previous 3 passwords and password reset subject to strict verification. BPI also automatically log-off your account due to inactivity for 5 minutes. BPI also sends you a confirmation advice in your registered email address for every financial transaction done with BPI Express Online.
For added protection, BPI encourages their customer to do their part. Customers must securely manage their password; use a password that is easy for them to remember but hard for others to guess. They must avoid using the same password for their online accounts. They must ensure that they keep their password confidential at all times by not sharing it to anyone. Do not also use the "save and remember the password" browser feature. Ensure immediate change of password if it has been compromised. Regularly check your deposit and credit card transactions. Update registered e-mail address.
Why do cases of hacking still occur in BPI online banking despite of security measures implemented by BPI?
Even if there are security measures in BPI online banking, there are still possible threats to it. For example Phishing, Phishing is a dishonest practice by hackers. In phishing, hackers are able to obtain personal data of people by sending emails claiming to be from a reputable institution, these emails contain a link that leads to a fake website. Keylogger is another threat for online banking. If this software is installed in a computer where customer is accessing online banking, it will save every key stroke type on that computer.
If we examine all of the threats in online banking, we can say that these threats are made possible by the negligence of online banking customers. Therefore online banking is compromised not because their security is weak but because of the negligence of online banking customers.