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Date : August 12, 2007


Why Worry Today, If Your Bank Account Gets Hacked Tomorrow

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Published on: August 12, 2007

My post from a week ago, about the major flaws in the new online banking security systems that banks around the country deployed recently, did not get any attention. The flaw was explained in detail and demonstrated (by actually hacking a bank account) at the Defcon 15 hacker conference in Las Vegas. One person dugg it at and that was it. End of story, nobody seems to be interested. Well, it only affects pretty much everybody, at least everybody who uses online banking. Meanwhile did also other blogs that are specialized in application and system security write about the story. was one of the most known publications who published the story “New Bank Practices Make Hacking Easier” a couple days after I published mine. Their story died at, just as mine, but at least did some more bloggers pick up their story. Here are a few other bloggers who picked it up: M. M. Madan: Bank’s “Two Factor” Schemes Are Fundamentally Flawed AuthenticationWorld.Com: Why more authentication may be harmful to banks New Bank Practices Make Hacking Easier Dr. Neal Krawetz/ Black Hat and Defcon Post-Conference (as part of a general DefCon 15 summary Here is a picture of Brendan O’Connor, who presented the issue at the conference, which makes it easy to understand, why some people might not give him the attention he deserves.It is funny how things work sometimes. On the one hand are people going berserk and crazy about some “big privacy issues” that[…]

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