Here's an interesting press release in today's 285 million stolen financial information records world...I break it down, albeit, I suspect not as quickly as a hacker could. What do you think? Would you trust this "Type" of payment mechanism in a web browser?
TORONTO, Dec. 10 /CNW/ - Just in time for the holiday season, Chapters.Indigo.ca, and Roots.com are some of the latest online retailers to begin offering INTERAC Online, a payment service that allows Internet shoppers to pay for goods or services directly from their bank accounts.
From books and music, to games and electronics, to clothing and accessories, and even groceries and charitable donations, INTERAC Online is available at a wider variety of retailers than ever before this holiday season. INTERAC Online allows consumers to do their holiday shopping online from the comfort of their own home or office while paying directly from their bank account.
"Canadians are increasingly turning to the Internet for their purchases and as high users of debit, many will also be turning to INTERAC Online for secure and reliable payments," said Caroline Hubberstey, Director, Public and Government Affairs, Acxsys Corporation, whose shareholders are the architects of the INTERAC network.
For those who prefer to hit the Internet instead of the malls to do their holiday shopping this season, INTERAC offers a few tips to ensure an enjoyable online shopping experience. (Editor's Note: I only share the first tip, because if they tell you to Shop Securely in one breath and then use this system in the next, well...let's just say I felt the tips were full of hot air...)
1. Shop Securely (Editor's Note: I checked the year of this press release just to be sure I wasn't making a mistake, because if you start making payments using your online banking username and password, you are opening up a huge door for hackers. I suppose they can't get your card number but they CAN get your online banking credentials. This type of payment mechanism assumes your online banking session is secure, but with critical SSL flaws, online banking Trojans, phishing and a multi-step process which includes selecting your financial institution, being redirected to it, typing your username and password, then being redirected back to the merchant site, there's too many holes for hackers to get in. For instance, they could hi-jack the redirect and take you to a cloned website of your financial institution. Again, as Avivah Litan says and most everyone with (at least) half a brain agrees...Nothing in a browser is safe.
Keep your card data secure. With INTERAC Online, your personal financial information remains secure because the payment service is integrated with online banking. (OUCH!) When you're ready to checkout, you are re-directed (hopefully) to your financial institution's trusted (who trusts it?) online banking website to make the payment from your existing bank account. (that sound's scary)
How INTERAC(R) Online Works
The INTERAC Online service is secure, convenient (those two words don't usually mix well) and easy-to-use (when you combine convenient with "easy to use" you can pretty much bet that it has the potential to become a hackers paradise) because it works with the consumer's existing web banking service. (in a browser?) Consumers who are registered for web banking services with a participating financial institution can use the INTERAC Online service in just a few easy steps: (but it will be difficult for hackers?)
- When checking out on a merchant's e-commerce website, select the INTERAC Online payment option;
- Select your financial institution; (translation: Identify your FI to the possible eavesdropping hacker)
- Log onto your trusted web banking site using existing login ID and password; (translation: Type (provide the hacker with) your login ID and password)
- Select your account to process payment; (translation: identify and provide the bad guy with YOUR account)
- Confirm the payment (you are logged out of online banking and automatically redirected back to merchant's website); (translation: redirect's are bad)
- Print confirmation page for future reference and proof of purchase.
About Acxsys Corporation
Acxsys Corporation, comprised of eight large financial institutions as shareholders, is headquartered in Toronto, Ontario. Acxsys specializes in the development and operation of new payment service opportunities as well as consulting and management services in the field of electronic payments. The Corporation's shareholders are the architects of Canada's national network for shared electronic financial services: INTERAC Direct Payment, Canada's national debit card service and INTERAC Shared Cash Dispensing Service for cash withdrawals at Automated Banking Machines. For more information, please visit www.interac.ca.
(R) Trade-marks of INTERAC Inc. Used under licence.
For further information: Tina Romano, Acxsys Corporation/Interac Association, (416) 869-5062 or tromano@interac.ca
