News Archive

E-banking Comment

by msecadm4921

It was reported recently that a security flaw had been discovered on the Morgan Stanley online banking facility. The flaw enables users to gain access to their credit card information, simply by entering the first digit of their credit card number.

Tim Pickard strategic marketing director EMEA, RSA Security, commented: "In the space of one week, this is the second financial institution that has been under attack as a result of relying on passwords alone to authenticate customers. Banks and other ecommerce sites must take more responsibility for providing their online customers with adequate security. If action is not taken, those using and trusting in ecommerce will begin to shy away from these services in the future." Pickard continued: "Strong, two-factor authentication, incorporating something that the user knows (PIN) and something that the user has (token), would dramatically improve the security of consumers in this type of environment. If Morgan Stanley had been using two-factor authentication, this security breach would not have occurred."

According to a recent survey conducted by MORI on behalf of RSA Security, concerns over online baking are stopping six million people in the UK from banking online. After this latest security breach, how many more people will no longer be banking online? RSA asks.

RSA Security recently announced that Credit Suisse, a European bank, has selected RSA SecurID two-factor authentication to authenticate online
banking customers and protect them from online theft and identity fraud.

Related News

  • News Archive

    Charity Ride

    by msecadm4921

    The Security Service from Queen Mary, University of London are trying to raise funds for The Richard House Children’s Hospice. Six staff…

  • News Archive

    Haulage Tool

    by msecadm4921

    The Google internet search engine has become a part of life – so why not a part of security management? Using Google…

  • News Archive

    Fraud Factsheets

    by msecadm4921

    The charity and fraud prevention campaigners the Fraud Advisory Panel (FAP) recently issued two new fraud factsheets for businesses. An introduction to…


Subscribe to our weekly newsletter to stay on top of security news and events.

© 2024 Professional Security Magazine. All rights reserved.

Website by MSEC Marketing