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Date : August 6, 2007


New Online Banking Security Process Opens More Security Holes Than it Closes

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Published on: August 6, 2007

I just got back from DefCon 15 at the Rivera Hotel and Casino in Las Vegas. I will post about the other events at another time, because what I saw this late afternoon at the conference is more important. It is ironic that this session was one of the last one, when many guys already left the conference and were on their way home.I saw at the conference, where a guy who is (maybe) legal drinking age showed a room full of hundreds of people (it became surprisingly crowded while his presentation progressed) “how cool” the new security add-ons to the online banking login and authentication process are. Additions that are enforced by governmental regulations with the intention to make online banking more secure. The session was going well beyond the “time limit” for it (1 1/2 hours instead of 50 minutes) and the organizers shut it down eventually and the whole thing moved into a overcrowded Q&A room where the discussion and presentation was continued by the speaker for another 45 minutes, which was pretty cool of him, but you could tell, that he wanted to get this info out there. Yes, the session was about online banking, the new and “more secure” online banking.You might noticed that pretty much every bank changed their authentication forms and procedures over the last few months. Those changes, caused by the new government regulations are basically aiding hackers to break into your online account. Did you notice steps like picking “your” personal[…]

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