A case study of an active data encryption solution (RSA), used by a customer at Modern Security Trust Bank, that is supposed to ensure that all transactions are legitimate.
Written in 2006; 675 words; 5 sources; $ 26.95
Paper Summary:
This document discusses the case of Alice, a high net worth customer of the Modern Security Trust Bank in which she had significant deposits. Alice constructed an encryption device based on RST encryption technology and gave the public key encryption to Frank at the bank. She kept the private key in her residence. Frank claims to have received an order to transfer a $1,000,000 to his personal bank account from Alice's bank account upon her instructions. This is an instruction that Alice claims to never have given and she insists that Frank produced the encrypted message himself. The paper explains how, on the the surface, this case appears to be a simple one of bank fraud and breech of fiduciary trust, but it is complicated by the presence of an active data encryption solution (RSA) that ensures all transactions are legitimate or are intended to be legitimate within the context of the human organization within in which it is meant to function.
From the Paper:
"Modern Security Trust (MST) is a technology dependent banking institution that caters to net-worth individuals as well as clients with less spectacular incomes. At issue is a $1,000,000 deposit withdrawn from Alice, a high net-worth client of MST which was, in turn, deposited into a bank account in the Caribbean island of Nevis where it was discovered that the bank account was owned by an MST employee entrusted with the security of Alice's account."
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