Safe Internet Banking

DigitalSENSE Africa

INTERNET GOVERNANCE & MOBILE ECONOMY IN NIGERIA 9th March 2012

Muhammed Rudman CEHM.rudman@ixp.net.ng

How likely is it?

“Cyberspace is real and so are the risks that come with it. . .I know how it feels to have privacy violated because it has happened to me. “ Barack Obama

Some facts about cybercrime The direct cash costs of cybercrime - money stolen by

cyberthugs/spent on resolving cyberattacks - totalled $114bn

Cybercrime is bigger than the global black market in marijuana, cocaine and heroin combined ($288bn)

10% of all adults surveyed have experienced cybercrime on their mobile devices

Over the past year in 24 countries 431m adults experienced cybercrime;

More than 1 million became victims every day, and;

12 adults suffered from cybercrime every second

Source: Symantec

Fraud Activity Trends -Underground economy servers

Credit cards and bank account credentials continue to be the top two advertised items on

the black market

Bulk rates for credit cards range from 10 cards for $17 to 1000 cards for $300

Source: Symantec

Terminology related to internet safety and security

VirusesViruses are programs that can replicate their structures or effects by infecting other files or structures on a computer. The common use of a virus is to take over a computer to steal data.  Trojan horseA Trojan horse (commonly known as a Trojan) is a general term for malicious software that pretends to be harmless so that a user willingly allows it to be downloaded onto the computer.

SpywareThe term spyware refers to programs that surreptitiously monitor activity on a computer system and report that information to others without the user's consent.

MalwareCommonly, a computer user can be tricked or forced into downloading software onto a computer that is of malicious intent. Such programs are known as malware and come in many forms, such as viruses, Trojan horses, spyware, and worms. Malicious software is sometimes used to form botnets.

Terminology related to internet safety and security

WormsWorms are programs that can replicate themselves throughout a computer network, performing malicious tasks throughout.

BotnetA botnet is a network of "zombie" computers that have been taken over by a "bot" that performs large-scale malicious acts for the creator of the botnet.

PhishingPhishing is a way of attempting to acquire information such as usernames, passwords, and credit card details by masquerading as a trustworthy entity in an electronic communication

CBN Cashless Policy - 2011

The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N150,000 for Individuals and N1,000,000 for Corporate bodies. The new policy on cash-based transactions (withdrawals & deposits) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and

encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)

 Security Tips To Safe Internet Banking

1. Keep your password/PIN code safe and memorize them. Make sure you change them regularly (recommended every 3 months). Create unique passwords that are difficult to guess, e.g. use a combination of letters (Upper & lower case) and numbers.

“Passwords are like underwear: you don’t let people see it, you should change it very often, and you shouldn’t

share it with strangers.”

-Chris Pirillo

Security Tips Cont..2. How do you know the website is secured? Look for https:// in the URL and not http:// when you login - Look at the status bar of the security icon (locked padlock) when you visit the bank site. Double click on the padlock and ensure that it has a valid digital certificate.

Security Tips Cont..

3. Log out immediately after you have completed your Internet transaction. Then, clear the browser cache, cookies and history (refer to your bank’s website for online guidance). Ensure that you log out properly after every Internet banking session and not just close the browser.

4. Never leave your computer unattended when you are conducting your Internet transactions.

5. If you are unsure of the security of the computer, do not use it for Internet transactions. Do not use public (Internet Café) computers to login to your account, it very very possible it has Keyloggers.

Security Tips Cont..

6. Use an anti-virus, anti-spyware and personal firewall and keep it updated.

“I think computer viruses should count as life.  I think it says something about human nature

that the only form of life we have created so far is purely destructive.  We’ve created life in our

own image.”

-Stephen Hawking 

Security Tips Cont..

7. Ensure that your PC and browser are updated with the latest patches/fixes. Use the Automated Update feature of your Operating System (e.g. Windows Update for Windows users).

8. Do not be influenced by appealing offers, especially from unknown parties. Do not click on any links attached in your emails. Do not copy and paste any website address (URL). Retype the website address to surf or use your Bookmark.

9. Do not respond to emails asking for personal information, log in information or on changing password notification.

10.And finally if your bank account has been compromised, act fast and inform your bank.

Thank You.

Questions ?