An organization uses system interfaces to disburse money to various banks. Which of the following features in the system interfaces is MOST important to provide assurance that the money is going to the right bank account?
An organization uses system interfaces to disburse money to various banks. Which of the following features in the system interfaces is MOST important to provide assurance that the money is going to the right bank account?
To ensure that money is disbursed to the correct bank account, a digital signature is the most crucial feature. Digital signatures provide authentication, assuring that the transaction originated from a legitimate source, and ensure integrity, confirming that the transaction has not been tampered with during transmission. This dual functionality is essential in financial transactions to prevent fraud and ensure that funds are transferred accurately and securely. Other options, while important, do not offer the same level of assurance in these specific aspects.
Non repudiation. Nonrepudiation ensures that the sender of a message (or in this case, the organization initiating the money transfer) cannot later deny having sent the message. It helps in establishing accountability and trust in financial transactions.
D. Digital signature A digital signature provides assurance of the authenticity and integrity of the transaction. It ensures that the transaction has been initiated by a known source (authenticity) and that it has not been tampered with during transmission (integrity). This is crucial in financial transactions to ensure that the money is being sent to the intended recipient. While the other options are also important security features, they do not provide the same level of assurance as a digital signature when it comes to ensuring the money is going to the right bank account.
D is a pre-requisite for B, hence D.
Nonrepudiation ensures that the sender of a message cannot deny having sent the message and that the recipient cannot deny having received the message.
Digital signatures play a crucial role in ensuring the authenticity, integrity, and non-repudiation of electronic transactions. In the context of disbursing money to various banks, a digital signature provides strong assurance that the transaction is legitimate and has not been tampered with during transmission. When a digital signature is applied to a transaction, it indicates that the sender (in this case, the organization disbursing the money) has signed the transaction using their private key, thereby authenticating the sender's identity and ensuring that the transaction has not been altered. The recipient (the bank) can verify the digital signature using the sender's public key, confirming the authenticity and integrity of the transaction.
SWIFT - Nonrepudiation
A key feature of SWIFT is the digital signature. Digital signatures ensure the authenticity and integrity of the message and prove that the sender authorized the transaction. Non-repudiation is important, however, and digital signatures act as a means to achieve this. Digital signatures are therefore the most important element in ensuring that funds are transferred to the correct bank account.