Security solutions for e-banking and e-commerce with credit/debit cards, Part 2 :The best solution (in terms of security)

Omar A. Herrera Reyna - CISA, CISSP
(omar.herrera@oissg.org)
November 2005

(If you missed Security solutions for e-banking and e-commerce with credit/debit cards,- Part 1: Analyzing the Security Issues click here)

While there are some good solutions available from a security perspective, I believe that we already have the required technology to make financial transactions very secure. In fact, I believe that at a reasonable cost, the technology is available which offers many more types of secure credit and debit cards services.

Similar solutions have been explored by several financial institutions, but they are often abandoned due to high production costs, and increased complexity for customers. However, it is my personal opinion that this limited view is only adequate if the corporation's intent is to stagnate their capability to offer new services.

However, if Institutions seriously consider the financial benefits of providing a wider range of services that provide increased security, they might consider this a cost-effective solution.