Mobile banking is no longer a song of the future. It has become a fact, and the virtual system of money circulation is increasingly displacing the traditional cash model. However, is this described model of a civilizational transition completely safe?

Is online banking safe?

We increasingly hear about massive hacker attacks. The media frequently report on cybercriminals who steal data from the bank accounts of thousands of Poles. However, it should be noted that the bulk of these activities focuses on extracting information from internet users through fake bank websites or emails crafted to appear as if they were sent by a real bank. It is worth noting, though, that we very rarely hear of hacker attacks on official bank websites. Why is that? The answer is simple. Large enterprises responsible for controlling cash circulation, concerned about their own security and reputation, develop advanced electronic protection systems. These systems include SSL certificates, to which we will devote the remainder of this article.

Methods straight out of spy history

We will not spend time explaining in detail exactly how SSL certificates work, as these issues have been covered in our previous posts. Those who have followed our site for a long time know that it involves encrypting data transmitted between servers. This is the simplest definition of this type of electronic security specification. Similar methods are familiar to us from spy movies and history. After all, the reports on U-boat operations created by the Germans during World War II were also encrypted by a machine called Enigma. Its strength lay in the fact that it encoded messages in a non-formulaic and varied way, making the messages it produced almost impossible for the enemies of the Third Reich to decipher. SSL certificates operate on a similar principle, though the complexity of data encryption is even higher. After all, technology has advanced significantly over the past 70 years. Today’s IT systems safeguard the security of the information transmitted through them.

Knowledge accessible to the average user

Let us try to present the operation of SSL certificates in the simplest way possible, so that even a layperson can understand how they work. All the information we provide to the bank (such as PESEL, account number, address, phone number, email address, and others) as well as the funds deposited in the account are stored on servers secured by the banks. Therefore, there is no possibility for a financial institution to make its clients’ data public. Special servers are also responsible for conducting transactions, which include:

• cash deposits,
• withdrawals,
• transactions made using a credit or debit card,
• transfers.

These secured servers are precisely fortified with the repeatedly mentioned SSL certificates, whose operation we described in the previous paragraph. These IT scripts are thus a complement to an advanced security system and form its very foundation. Encrypting information is essential for developing more sophisticated methods that enable the covert exchange of data between electronic devices. Banks and financial institutions, to earn the highest level of trust, use certificates with extended validation – upon entering such a site, the address bar displays information about the company: What is an SSL EV (Extended Validation) certificate?

Would you like to know more?

In this way—perhaps not ideal in terms of industry-specific terminology but accessible even to laypeople—we have explained the importance of the role that SSL certificates play in building a secure online banking system. If you are interested in further deepening your knowledge of these IT security measures, we invite you to explore our other articles.