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By Rajkamal Rao
Go back to India Live!
When it comes to online banking, how much security is too much? At the one end, not engaging in online banking at all is the safest choice. If you don't have a username or password, no one can steal your credentials. Millions of Indians believe in this philosophy and still go to banks, wait in line at the teller window to hear those annoying, metallic announcements, "Token number 46; Counter number 4" and wait forever to be served.
At the other end are VPN products from certain tech-savvy banks. For the corporate user, the approach is familiar - where employees log in to their employer network through a secure tunnel. Canara Bank has upped the ante regarding online banking security with its Cansecure application.
The layers of security to process a transfer of funds from a Canara Bank account to another can seem needlessly bureaucratic. But there is very little chance that a Cansecure transaction can be hacked into.
I've tried Cansecure many times so far and it works great.
Did you ever imagine that Indian banks would implement technology ahead of US banks?
Go back to India Live!
When it comes to online banking, how much security is too much? At the one end, not engaging in online banking at all is the safest choice. If you don't have a username or password, no one can steal your credentials. Millions of Indians believe in this philosophy and still go to banks, wait in line at the teller window to hear those annoying, metallic announcements, "Token number 46; Counter number 4" and wait forever to be served.
At the other end are VPN products from certain tech-savvy banks. For the corporate user, the approach is familiar - where employees log in to their employer network through a secure tunnel. Canara Bank has upped the ante regarding online banking security with its Cansecure application.
The layers of security to process a transfer of funds from a Canara Bank account to another can seem needlessly bureaucratic. But there is very little chance that a Cansecure transaction can be hacked into.
- The first level of protection is provided by requiring you to install the Cansecure app on a friendly desktop - such as your home or office machine.
- Second, you need a PIN. Once you are inside the Cansecure tunnel, no internet access is allowed. You can't copy and paste out of the tunnel, so presumably, any key-logging malware on your machine will also get deactivated.
- Then you need a password to get in to the account
- To transfer funds, you need a transaction password AND..
- The usual One Time Password that appears on your mobile phone. This OTP expires within five minutes.
I've tried Cansecure many times so far and it works great.
Did you ever imagine that Indian banks would implement technology ahead of US banks?
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