Question

1. What is social engineering hacking? Give three examples.

2. How do financial websites attempt to convince users they are authentic?

Answer 1

Answer)

Let us understand the definition of social engineering:

This is the kind of information security that is considered to be a kind of manipulation technique for some of the people around who are more into taking actions on manipulating the confidential information.

Example:

Phishing which is a kind of attack which is relevant and common in social engineering

Whaling attack and Pretexting

So as to convince the user for having an authentication of the financial website one uses the 2-factor authentication, secure payment gateway,

The 2 Factor Authentication would be beyond the username as well as password.

They mostly use the SMS or Voice call for 2FA.

Also, many of the financial websites use the TOTP which is otherwise defined as time-based one-time passcode which gives a means of 2-factor authentication to have a safe financial gateway.

Also, they have set up a fraud identification mechanism which helps in providing the customer confidence about the secure transaction one can make. Also, they implement a seamless user experience. Along with this proper authentication, verification are performed while a user logs in to maintain the confidence factor for any financial transaction.

Accounting is the last process which is also done to record any event or occurrence which helps in backtracing if any issue has been encountered.

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