A bank is planning to implement a third factor to protect customer ATM transactions. Which of the
following could the bank implement?
A.
SMS
B.
Fingerprint
C.
Chip and Pin
D.
OTP
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This is B – Fingerprint. The other two factors covered by chip and pin are already covered by existing methods.
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To bolster the argument for B> Fingerprint.
Authentication methods involve confirming one or more of three factors:
Something only the user should know, such as a password or PIN;
Something the user possesses, such as an ATM card, smart card, or token; or
Something the user is, such as a biometric characteristic like a fingerprint or iris pattern.
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This is an incomplete question. What are the first and the second factor? Without knowing the first and the second factor, we can only GUESS what is the third factor (the answer).
SMS – Short Message Service. Sometimes, the bank may text you the PIN.
Fingerprint – Frankly, none of the bank ever asking my fingerprint.
Chip and Pin – Many new credit card or bank card contains chip. PIN is what you need to identify yourself.
OTP – OTP means many thing. I think here refer to One Time Password. When you create a new account, or activate a new service, the bank may give you a one time password (one time pin) to use.
My logical guess is the bank would issue a new bank card to all their new customers. It means chip (choice C) is the first factor. The new card comes with a temporary PIN (still choice C) or One Time Password (choice D) for the new customer to activate the service. It means choice C is the first factor and choice D is the second factor.
Now, we have to figure out either SMS or Fingerprint is the third factor? If a new customer mess up his/her PIN and he/she could not activate the new card (new service). He/she would call the bank and the bank may text him/her with a new temporary PIN. None of the bank would ask for your fingerprint. So, my logical guess is SMS is the third factor.
Feel free to share if you have a better answer. Thanks
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I agree it is a extreme that a bank asks you for a finger print, and it is more common to receive pins or other notifications by SMS. For you to receive an SMS, you need your mobile, which is again, something you have, same as the card with the chip on it. Therefore, even if it sounds extreme, using a fingerprint reader is the only way to have 3 factor authentication: the card, the pin, and your fingerprint.
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The answer is “Fingerprint.” juanfra77 is correct.
ATMs currently (in 2017) have two-factor authentication: Something you have (a card) and something you know (a PIN.) The easiest third factor to add would be biometric, and Fingerprint is the only one of those.
OTP stands for one-time password, and would rely upon a token, which is something you have, a factor already represented by the card.
SMS is instant messaging, and is also based on having a phone, which is also something you have. Chip and pin is merely a combination of the two factors already represented by the PIN and the card.
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this is an incomplete question, although it can be assumed that to use an ATM, you must have your bank card and pin to access it. That takes care of the something you have and something you know categories.. So by assumptions, something you are is the last piece of the puzzle. The only option left is Fingerprint.
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It says ATM transactions not in-bank transactions so the finger print is not correct cuz we can’t scan our finger on ATM machine
even if they send a temporary password on SMS it is still can be counted as one time password so option D is the correct answer
One-time password can be a software on your phone like Norton or can be as a hardware token like fob
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The initial statement reads “A bank is planning to implement a third factor to protect customer ATM transactions”
So we know that this is a physical transaction done at the ATM as opposed to an online transaction and this is where the “third” factor must be implemented.
** This eliminates “A-SMS”, as this is an “online” feature
** This eliminates “D- OTP”- One-Time Password which is a unique 6-character code that can only be used once and is sent only to your registered mobile number in BDO Online Banking.
** This in itself betrays the fact that the ATM is already suing some form of authentication. Most banks worth their salt already have been using “C- Chip and Pin” for quite some time now. Name a bank who does not. (So that I do not ever use it). So it is safe to assume that “C- Chip and Pin” has already been “factored in”
So I agree that the only added third factor to be implemented can only be “B- Fingerprint”
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