Friday, April 20, 2007

Bank's two-factor authentication compromised

A two-factor authentication system operated by Dutch bank ABN Amro has been compromised and money stolen from the online accounts of customers who fell for a phishing scam. Two-factor authentication for online banking usually involves passwords and tokens which provide synchronised, constantly changing numbers to use as additional evidence of identity.

"There are a whole bunch of things that can go wrong with two-factor authentication," Ross Anderson, a professor of security engineering at Cambridge University, told the same conference. "Banks are resisting because their technical staff know that it will be expensive to introduce and will not be effective. Some banks will introduce it, it will be quickly broken and then quickly forgotten."

Read the article HERE.

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