Majority of online banking sites insecure by design

by Davey Winder

Friday, 25 July 2008

Page 1 of 2 ! That is the surprising conclusion of a University of Michigan study which discovered that more than 75 percent of bank sites surveyed had at least one flaw which could make customers vulnerable to financial or identity loss. The findings, which will be presented today at a Symposium on Usable Privacy and Security meeting  at the Carnegie Mellon University, suggest that these are design flaws that cannot be fixed with a simple patch... Professor Atul Prakash from the Department of Electrical Engineering and Computer Science at the University of Michigan, along with doctoral students Laura Falk and Kevin Borders, looked at a total of 214 online financial institutions while undertaking the study. None expected to find that such a large number of them would be vulnerable to potential data and identity theft. Professor Prakash says that "To our surprise, design flaws that could compromise security were widespread and included some of the largest banks in the country." While focusing on those users who attempt to be careful in their online banking, Prakash found that "unfortunately some bank sites make it hard for customers to make the right security decisions when doing online banking." The problem being that these are not simple programming errors. It is not the kind of code glitch that can be patched up and put right with the application of a digital sticking plaster. Instead, Prakash argues that they fundamental flaws which stem from the flow and layout of the web pages themselves. The kind of thing that the report authors are talking about include the placing of login boxes as well as contact information on insecure pages, for example. Or how about a simple failure to keep the user within the boundaries of the actual site they initially visited? Flaws, the study suggests, that "leave cracks in security that hackers could exploit" in order to gain access to private information and accounts. Where are the banks going wrong and what can be done to protect the end user? Read on for more from Professor Prakash... CONTINUES << First page <   1 2 Next page > Last page - Post your comment >>

 

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