Prepare a short research paper of maximum of 1500 words, double-spaced, exclusive of cover, title page, table of contents, endnotes and bibliography. Cover,
title page, table of contents are not mandatory. Your paper must use APA formatting with the exception that tables and figures (if used) can be inserted at
the appropriate location rather than added at the end.
Assume the following incidence occurred before the US government had tax treaties or financial information exchange treaties with the Cayman Islands
Ariel, a high net worth customer, banks on-line at First National Bank (FNB) and has agreed to use 3DES in communicating with FNB. One day, Ariel received a
statement that shows a debit of $1,000,000 from her account. On inquiring, she was told that the bank manager, Bruce, transferred the money out of Ariel’s
account and into an account of his own in an offshore bank, Cayman Island. When reached via long distance in the Cayman Islands, Bruce produced a message from
Ariel, properly encrypted with the agreed upon 3DES encryption, saying: “Thanks for your many years of fine service, Bruce. Please transfer $1,000,000 from my
account to yours as a token of my esteem and appreciation. Signed, Ariel.”
Ariel filed suit against Bruce, FNB and the government of the Cayman Islands, claiming that the message was a forgery, sent by Bruce himself and asking for
triple damages for pain and suffering. Bruce has responded by claiming that all procedures were followed properly, and that Ariel is filing a nuisance suit.
You have been employed by FNB board as consultant to assist in the investigation of this matter and produce a report for the FNB Board of Directors, which
will assist them in determining how to proceed in this matter.
Your report to the Board of Directors should address the following issues:
What can be determined from the facts as presented about whether Ariel intended to make Bruce a gift of $1,000,000? Conclude and support your conclusion.
Assuming FNB wishes to continue using only 3DES as its cryptographic system, what could FNB and Ariel could do to protect against this controversy arising?
Would this controversy have arisen if FNB had been using AES rather than 3DES?
Should FNB contest the suit?
What is/are the critical issue(s)?
Your report should clearly address above points, with sufficient detail and background to allow the “cryptographically challenged” Board of Directors to
understand the issues involved and formulate plans for how to approach the immediate issue with Ariel, and to continue business in the future, assuming that
they want to continue using 3DES.
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