Entries Tagged "banking"

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Two-Factor Authentication with Cell Phones

Here’s a good idea:

ASB and Bank Direct’s internet banking customers will need to have their cellphone close to hand if they want to use the net to transfer more than $2500 into another account from December.

ASB technology and operations group general manager Clayton Wakefield announced the banks would be the first in New Zealand to implement a “two factor authentication” system to shut out online fraudsters, unveiling details of the service on Friday.

After logging on to internet banking, customers who want to remit more than $2500 into a third party account will receive an eight-digit text message to their cellphone, which they will need to enter online within three minutes to complete the transaction.

It’s more secure than a simple username and password. It’s easy to implement, with no extra hardware required (assuming your customers already have cellphones). It’s easy for the customers to understand and to do. What’s not to like?

Posted on November 23, 2004 at 9:41 AMView Comments

New Security Vulnerability: Clueless Users

I can’t make heads or tails of this story:

A security loophole at a bank allowed easy access to sensitive credit card information, the BBC has found.

The Morgan Stanley website allowed users to access account details after entering just the first digit of a credit card number.

The shortcut would only work if the account holder had set up the computer to automatically save passwords.

It seems to me that if you set up your computer to automatically save passwords and autofill them onto webpages, you shouldn’t be surprised when your computer does exactly that.

Posted on November 22, 2004 at 10:24 AMView Comments

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Sidebar photo of Bruce Schneier by Joe MacInnis.