Mobile Payment Industry News: 10/24/09

Saturday, October 24, 2009

Online Banking is Dead - Bank Technology News Editor-In-Chief

Bank Technology News' Editor-in-Chief, Rebecca Sausner, writes in Firing Line about the lack of security involved with online banking.

Here's a quote: "Internet Banking, as we know it, the kind that happens when a user launches a browser and goes through even a decent approximation of layered security on a bank's Website, is dead...made untenable by massive fraud...

You know it Rebecca! As I've stated many times on this blog, heck, I even took the time a while back to create the graphic on the left..."It's only a matter of time before EVERYONE realizes the web (browser) is not safe to conduct financial transactions." It's gratifying to see when a publication with the reputation of Bank Technology News acknowledges what we at HomeATM have been espousing for the last 18 months. (Look at related articles below for a rendering of the picture we've tried to paint)

I think that Online Banking is Weak Week had an impact on some of the followers of this blog or some of our Twitter followers. (which includes BTN)

I've also stated (many times) that HomeATM can SOLVE the problem. For those who are unaware of how we can do that, HomeATM replicates the exact same process used to authenticate the card holder at an ATM INSIDE the bank branch. (which is more secure than authentication done at a satellite ATM...i.e. at a grocery store)

Our device uses existing bank rails, existing cards and existing PINs. We Triple DES, DUKPT encrypt both the Track 2 data and we 3DES DUKPT Encrypt the PIN "inside our box" ... outside the browser. Seamless Transition. I don't know of anyone who doesn't know how to swipe their card and enter their PIN.

Swipe, Encrypt, Transmit. Safe Online Banking Log-In... Guaranteed.

To read the entire editorial, click the widget below:

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Online Banking is Dead

Criminals Sitting on Stolen Data "Timebomb"

I never would have guessed I'd have back to back posts with "Timebomb" in the title when I started today.

But, after finishing my last post, "Online Banking's Ticking Time Bomb.. I came across this article at ITWorld. Seemed relevant.

Here it is:

Criminals are starting to realize that they can make use of the compromised work computers they have in their grasp, according to security experts.

By Asavin Wattanajantra, 23 Oct 2009 at 14:45

Thousands of work computers infected with trojans could be a ticking timebomb, according to security researchers.

The RSA Conference in London this week highlighted how criminals had already targeted computers in business networks, thanks to laptops and desktops with trojan infections like Sinowal and Zeus. Uri Rivner, head of new technologies at RSA, said that criminals already had a lot of access to corporate and government data that the bad guys had collected from computers around the world.

‘Not just information that you type, but also information that is flowing in through sessions,” warned Rivner.

“Today, they don’t care about that. They care more about the financial aspects with online banking and credit card fraud. But they are starting to realise that they are sitting on a pot of gold. There are other people that are very interested in this type of information.”

Rivner said there was a lot you could do with this type of data, especially if it was information from a Fortune 500 company.

“That is something that will happen in the coming years,” added Rivner. “The same kind of threats that are hitting the financial sector will start expanding to additional verticals - government, military, the enterprise.”

Saturday, October 24, 2009

Online Banking is Dead - Bank Technology News Editor-In-Chief

Criminals Sitting on Stolen Data "Timebomb"

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