It security protocols associated with banking

1. Name: Shivanshi Tiwari
Class: SYBBI
Roll no.: 55

2. I would want to convey my heartfelt gratitude to Prof. Avneet Kaur, my mentor, for her
invaluable advice and assistance in completing my project. She was there to assist me
every step of the way, and her motivation is what enabled me to accomplish my task
effectively. I would also like to thank all of the other supporting personnel who assisted
me by supplying the equipment that was essential and vital, without which I would not
have been able to perform efficiently on this project.
I’d also like to thank my friends and parents for their support and encouragement as I
worked on this assignment.

3. Security protocols should be seen as building blocks to achieve a secure bank system.
Malware and viruses exploit software vulnerabilities and infect your computer. If your
bank doesn't use secure software, malware and viruses could corrupt your entire
system.
Without proper security measures in place, businesses risk losing their valuable assets
to theft or damage. In addition to protecting assets, security is important for the safety of
employees.
Security protocols designed to protect the application layer have many functions, from
making sure the data delivered to the user is safe, to detecting malicious activity, to
managing and transferring sensitive information securely.

4. The banks can keep their data secure by using security prtocols such as:
1. Encryption:
Ensures secure communication between the user's browser and the bank's server.
Banks employ robust encryption protocols to secure data transmission over the internet.
This includes encrypting customer information, login credentials, and transaction details
to prevent unauthorized access.
2. Multi-Factor Authentication(MFA):
MFA adds an extra layer of security by requiring customers to provide multiple forms of
identification before accessing their accounts. This often involves a combination of
passwords, PINs, and one-time codes sent to registered devices.

5. 3. Secure Socket Layer(SSL) Certificates:
Encrypts data transmission to prevent interception by malicious actors.Banks use SSL
certificates to establish a secure and encrypted connection between a user's browser
and the bank's servers. This ensures that data exchanged during online banking
sessions remains confidential.
4. Firewalls:
Robust firewall systems are implemented to monitor and control incoming and outgoing
network traffic. This helps prevent unauthorized access and protects against cyber
attacks.Safeguard against unauthorized access and detect potential security threats.
5. Tokenization:
Replaces sensitive information with unique tokens, reducing the risk of data
breaches.Tokenization involves replacing sensitive data (like account numbers) with
unique identification symbols (tokens). Even if intercepted, these tokens are
meaningless to unauthorized individuals.

6. 6. Biometric Authentication:
Some banks utilize biometric authentication methods such as fingerprint or facial
recognition to enhance security. These unique biological identifiers add an extra
layer of protection against unauthorized access.Uses fingerprints, facial recognition,
or other biometric data for secure access.
7.Fraud Detection Systems:
Advanced algorithms are employed to monitor account activity and detect unusual
patterns that may indicate fraudulent transactions. Banks can then take immediate
action to investigate and prevent potential fraud.Uses fingerprints, facial recognition,
or other biometric data for secure access.
8. Physical Security Measures:
In addition to cyber threats, banks implement strict physical security measures at
their premises, including surveillance cameras, access controls, and secure storage
for physical records.

7. 9. Customer Education:
Banks provide educational materials to customers, advising them on safe online practices,
how to recognize phishing attempts, and the importance of keeping login credentials
confidential. Raise awareness about security best practices to prevent phishing and social
engineering attacks.
10. Employee Training:
Banks invest in ongoing training programs to educate their staff about the latest security
threats and best practices. This helps create a security-conscious culture within the
organization.
11.Regulatory Compliance:
Banks adhere to regulatory standards and compliance requirements to ensure the security
and privacy of customer information. Compliance with regulations such as GDPR, PCI DSS,
and others is a fundamental aspect of banking security. Adherence to industry standards
and regulations to protect customer information.

8.  https://www.sciencedirect.com/science/article/abs/pii/S1361372397827133
 https://www.pcmag.com/encyclopedia/term/security-
protocol#:~:text=A%20sequence%20of%20operations%20that,in%20tandem%20(see
%20below).
 https://www.numeral.io/blog/bank-security-protocols

9. Thank You!!!