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Online Banking As with commercial business, banks have also been extolling users to increase their use of online banking transactions. This has led to an increase in fraud affecting the banks and their customers. As in e-commerce transactions MySecureID’s authentication process protects banks as well as their customers from fraudulent banking transactions and phishing attacks. The MySecureID bank processing method can be seamlessly integrated into the current banking infrastructure and requires only light integration at the bank level. The MySecureID banking process will complement the existing fraud prevention and management tools and services. Once a bank customer signs on using the MySecureID Key, a check is done to ensure that the customer is in contact with the actual bank site and not some phishing site. MySecureID Key transmits the appropriate information using dynamic encryption and a unique authorization packet per transaction, encrypted by the MySecureID datacenter that can only be decrypted by the user’s own MySecureID Key. The encrypted packets have a one-time life cycle, and are replaced at the end of the transaction with a new authorization encryption key. Even if packets were to be intercepted, any information would of no use to unauthorized parties. Moreover, the user PC used to complete the online transaction is solely a communications vehicle transferring data within the MySecureID infrastructure and no data is ever retained thereby eliminating a possible source of data vulnerability. Benefits to Banks
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