Understanding Transaction Security

What is transaction security?

• Transaction security involves the physical security of bank branches.

• Transaction security refers to the speed of financial transactions.

• Transaction security is the protection of financial transactions from fraud and unauthorized access.

• Transaction security is the process of auditing financial records.

Why is transaction security important in online banking?

• Transaction security is important to protect sensitive information and prevent fraud in online banking.

• Online banking does not require any security measures.

• Transaction security is primarily for customer convenience.

• Transaction security is only necessary for large transactions.

What are common threats to transaction security?

• Phishing, man-in-the-middle attacks, malware, insecure networks.

• Regular software updates

• Two-factor authentication

• Strong passwords

How can encryption enhance transaction security?

• Encryption slows down transaction processing times.

• Encryption enhances transaction security by protecting sensitive data from unauthorized access and ensuring data integrity.

• Encryption is only necessary for online banking transactions.

• Encryption makes data more accessible to authorized users.

What role do firewalls play in transaction security?

• Firewalls protect transaction security by monitoring and controlling network traffic to prevent unauthorized access.

• Firewalls automatically approve all incoming transaction requests.

• Firewalls are used to speed up transaction processing times.

• Firewalls encrypt transaction data to ensure privacy.

What is two-factor authentication and how does it improve security?

• Two-factor authentication is a method that only requires a password to access an account.

• Two-factor authentication is a security feature that uses only biometric data for verification.

• Two-factor authentication (2FA) is a security measure that requires two forms of identification to access an account, improving security by adding an extra layer of protection.

• Two-factor authentication is a process that eliminates the need for passwords entirely.

What are the differences between symmetric and asymmetric encryption?

• Asymmetric encryption requires a single key for both encryption and decryption.

• Symmetric encryption is faster than asymmetric encryption because it uses multiple keys.

• Symmetric encryption is used for digital signatures, while asymmetric encryption is used for data encryption.

• Symmetric encryption uses one key for both encryption and decryption, while asymmetric encryption uses a pair of keys (public and private).

How can users protect their personal information during transactions?

• Use only cash for all online transactions.

• Use secure payment methods and ensure the website is HTTPS secured.

• Ignore website security indicators like HTTPS.

• Share personal information freely on public forums.

What is a secure socket layer (SSL) and why is it used?

• SSL is used to speed up internet connections.

• SSL is a programming language for web development.

• SSL is a security protocol used to encrypt data transmitted over the internet.

• SSL is a type of antivirus software.

What are the implications of a data breach on transaction security?

• A data breach enhances transaction security, preventing fraud.

• A data breach undermines transaction security, leading to potential financial loss, fraud, and damage to customer trust.

• A data breach only affects the speed of transactions.

• A data breach has no impact on transaction security.