Hackers gain access to vulnerabilities through tools such as malware and locate the backup of the system. PayPal is a web-based application which provides secure transfer of funds between members. It uses advanced fraud prevention technologies to enhance the security of the transactions (SearchSoa, 2005). Nevertheless, the members do receive spoof mails and unless the members are aware of such mails, they become easy prey to such hacking techniques.
While it has become essential to keep tab on the professional hackers, the banks are facing huge losses due to constant evolvement of the hacking tools and techniques. The malicious hacker will use whatever information available to them. The security professionals, in turn, need to keep abreast of the latest hacking tools by monitoring certain websites of researchers (Skoudis, 2003). It is hence proposed to conduct a study into the hacking tools used by the hackers in the banking and financial services industry, with focus on PayPal. The study would also look into the security strategy employed by the sector and particularly by PayPal.
SearchSecurity. (2009). Hacker attack techniques and tactics: Understanding hacking strategies. Retrieved September 8, 2010 from