What are the common security measures for internet banking?

Common security measures for internet banking include two-factor authentication, encryption, firewalls, and anti-virus software.

Two-factor authentication (2FA) is a security measure that requires users to provide two different types of identification to access their accounts. Typically, this involves something the user knows (like a password) and something the user has (like a mobile device to receive a one-time code). This adds an extra layer of security, making it harder for unauthorised users to gain access to accounts even if they have the password.

Encryption is another crucial security measure. It involves converting data into a code to prevent unauthorised access. Banks use Secure Sockets Layer (SSL) encryption to ensure that data transmitted between the bank and the customer is secure. SSL encryption creates a secure connection between a customer's browser and the bank's server, making it difficult for hackers to intercept and decipher the data.

Firewalls are used to protect the bank's network from unauthorised access. They act as a barrier between the bank's internal network and the internet, blocking potentially harmful data from entering the network. Firewalls can be configured to block data from certain locations or applications, adding an additional layer of security.

Anti-virus software is also a common security measure. It is used to protect against malware, which can be used to steal sensitive information. Anti-virus software scans the bank's network and systems for known threats and removes them. It also helps to protect against phishing attacks, where hackers attempt to trick users into revealing their login details.

In addition to these measures, banks also use intrusion detection systems (IDS) to monitor their networks for suspicious activity. If the IDS detects potential threats, it alerts the bank's security team who can then take action to prevent a security breach. Banks also regularly update their systems and software to protect against new threats and vulnerabilities.

Finally, banks often provide security education for their customers. This can include advice on creating strong passwords, recognising phishing emails, and keeping personal devices secure. This helps to ensure that customers are also taking steps to protect their online banking information.