E-profile-based security for critical transactions in web applications

The recent financial crisis has prompted governments to become more pro-active in order to increase confidence and reestablish trust in the overall economic system. Accordingly, confidential information, such as secret bank accounts and personal information are nowadays being exposed and shared between institutions in order to minimize potential risks. However, exercising control and maintaining transparency should not be at the expense of an individual's privacy, which is defines as "the claim of individuals, groups or institutions to determine for themselves when, how, and to what extent information about them is communicated to others." Information privacy can be thought of as "the ability of the individual to personally control information about one's self" [1].