Most online banks have introduced the concept or two-factor
authentication, the simultaneous use of at least two different devices or layers of security to prevent fraud.
When you open an Internet account, you are given a confidential
PIN, personal identification number, and a password and username.
For some transactions, customers are required to use a TAN,
transaction authorization number, from a list provided by the bank.
It can only be used once, and it acts as a second password.
Security tokens are microchip-based devices that generate a number that has to be typed by the user or read like a credit card. They are becoming a common form of two-factor authentication.
One of the best methods of identifying the user of a bank account
is biometric authentication, the use of a physical trait, such as a
fingerprint, to allow a person to log in. Some laptops have built-in
fingerprint readers, which makes online banking easier and more secure.
Ex. 1 Read A and find expressions which have the following meanings.
1 Banks that offer physical locations and online services.
2 The type of banking where you can use mobile phone networks to perform transactions.
3 Banks that only do business over the Internet. (2 possibilities)
4 Banking services (transactions, payments, etc.) offered on the Internet. (2 possibilities)
5 Banks that don't have a Web presence.
6 The general term that includes all sorts of banking that make use of ICT (information and computing technology).
Ex. 2 Read B and choose the right alternative.
1 send/ trade stocks
2 pay/ save bills
3 check/ trade account balances
4 save online statements / stocks
5 transfer short message notifications/ funds
6 schedule funds / payments
7 pay/ send short message notifications
Ex. 3 Read C and complete this text with the words that fit.
Most financial institutions offering Internet-based products should use (1) ............... authentication to reduce the risks of account fraud and identity theft. At present, most authentication methodologies involve 3 basic factors:
• Something the user knows (e.g. a (2)............... the confidential number given by the institution)
• Something the user has (e.g. (3) a ..............., the key ring-like (round)
identification number generator)
• Something that shows who the user is, that is, (4) …………… authentication ( e.g. a fingerprint).
Authentication methods that depend on more than one factor are more reliable; e.g. the use of a (5)……………, a TAN (something the user knows) to log in, and a token (something the user has) to transfer funds.
Ex. 4 Put 5 questions to the text.
Ex. 5 Translate the text.