STUDY OF POTENTIAL THREATS IN ONLINE BANKING TRANSACTIONS CARRIED BY TWO MAJOR INTERNATIONAL CARRIERS VERI-SIGN & VISA

Security is concern when wealth & assets are managed in worldwide network. Any transaction between two computers or its network is never one hundred percent safe (Nestek, 1998). In present system of world-wide-web 128 bit SSL is used (Pace, 2009) but based upon the records in Crime Bureau of India 12705677 crimes are related to online robbery and 15% of these cases are direct breach of security layers. Cyber crimes are revolving around wealth theft. US $ British intelligence agencies have successfully cracked much of online encryption relied upon by hundreds of millions of people to protect privacy of online transaction revealed by Edward Snowden (former contractor) (Guardian News and Media Limited, 2015). However for online transaction card processing system adheres to PCI data security standard (PCI-DSS). Where to overcome the threat the responsible authorities like Veri-Sign & VISA are switching to square network & servers which are monitored around the clock. Here this paper analyses possible planning & best security provided & reason of regular updating in security system by VISA & Veri-Sign which enables secure online transaction.