How private is your financial data? Survey of authentication methods in web and mobile banking

The ease and convenience of Internet Banking or e-banking has made it the most preferred way for customers as well as the banking industry alike. The fact that e-banking enables remote accessibility of a customer's account translates to round-the-clock service from the bank and has made this mode of operation a success in every sense. The starting and most important point for which would be the authentication to customer's financial data. This chapter sheds light on the different authentication mechanisms that could be followed as per the situational demands taking into consideration the various threat environments and possible vulnerabilities in the system. The advantages and disadvantages arising out of different authentication mechanisms are presented with the possible attack scenarios enumerated. An overview of the personal computer environ and the mobile environ are discussed. The chapter will be invaluable for managers and professionals in understanding the current authentication landscape.