Regardless of whether it's done over a computer or smartphone, online banking follows the same process. It's important to understand the process so you can then understand how attacks to the platform occurs. On a high level, the end customer logs in to the online banking platform of the bank through a web browser, computer application, or smartphone application and then the person is able to perform certain actions. The bare minimum security in that case is the identity verification using a username and password. In this day and age, this is however no longer sufficient.
The following steps illustrate the online banking process:
- The user uses their computer or smartphone to access the online banking website.
- The user is requested to provide their username and password to access their bank account.
- Data is securely transferred through the SSL...