Financial Times cyber security expert, Joseph Menn, doesn't pull any punches when it comes to his thoughts regarding the safety of online banking. A couple weeks back, FT's Paul Murphy stated that "Every major bank in the Western world, is covering up the fact that online fraud - both sophisticated and unsophisticated - is running at EPIDEMIC LEVELS.
There is a simple solution. Stop "TYPING" and move online banking to a 3DES DUKPT secure environment with the only eCommerce PCI 2.0 Certified PED. Only from HomeATM.
Doing so would provide secure two-factor (what you have/bankcard and what you know/PIN) authentication. It would also instantly eliminate the threats posed from phishing and keystroke logging.
Banks trust this process to dispense $200 from an ATM, a thousand miles away at 2:00 AM. Surely, the same system (without the threats of skimmers/hidden camera's) can be trusted to authenticate the online banking session.
So is online banking safe? Ask your bank...but remember, according to Joesph Menn, the answer will be a flat out lie.
WASHINGTON - Ask your bank how safe it is to do business online and it may tell you it's more secure than traditional banking. But cyber security experts would disagree.
"That's a lie," says Joseph Menn, who reports on cyber security for the Financial Times.
"The banks are stuck because they've been telling people it's safe, and the fraud they're on the hook for has gone up four-fold in six months," Menn says.
"The banks have been kidding people about all this because they save money when people bank online." Menn says the Internet was not designed with security in mind. He says it's fine for YouTube.
"But anything financial, anything commercial, anything government needs to be on a different network.
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