Academic journal article ABA Banking Journal

Securing B2B Transactions in the Finance Industry. (Special Advertising Supplement: Executive Summery)

Academic journal article ABA Banking Journal

Securing B2B Transactions in the Finance Industry. (Special Advertising Supplement: Executive Summery)

Article excerpt

The finance industry has always been security conscious. Over the past few years, new business channels, new regulations, and new threats have put pressure on organizations to both grow the franchise and control unknown risks.

Most of the risks in Internet endeavors come from assuring that you exchange information with a known and trusted party. In face-to-face transactions, most financial organizations no longer rely on a firm handshake to secure trust, and have solved identity issues by requiring two or more forms of personal ID. We merely need to apply that same prudence to electronic transactions.

Secure Transactions through Technology

Securing B2B transactions, then, can be reduced to certifying that the parties to a transaction are who they say they are. As it turns out, the tools of e-commerce currently do a far superior job of verification than face-to-face transactions. For example, what steps are taken to verify that a package expected from an attorney actually came from the expected source?

Secure, encrypted conversations begin with an exchange of digital certificates. (1) These certificates and the keys they contain give the connecting parties information about the individual system using the certificate and the organization that issued it. Unfortunately, the mere existence of a certificate does not guarantee its digital identity. To verify the authenticity of a certificate, the issuer must sign it each time it is sent. The recipient of the certificate must then verify the signature with the issuer.

Checking the validity of a digital certificate is a required step that is no different from checking the ID of a customer, a practice required in any financial organization since the beginning of modern commerce.

Infrastructure

Each element of e-commerce security works in tandem with the next. …

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