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Holidays
Are Good For Phishing
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The Authentium security firm has a product nearing launch that could eliminate keyloggers and man in the middle attacks from plaguing users of online financial services.
A few weeks ago, I'd talked with Authentium marketing VP Corey O'Donnell about some security-related topics, and financial websites came up in the conversation. I asked what might be a solution to the problem of threats to online banking, short of putting a hard-wired Bloomberg terminal equivalent in every home.
To my surprise, he had an answer, and when we spoke again this week I found it won't require getting my home rewired or finding a place for a dedicated terminal.
If E-Trade had been using a solution like VirtualATM, Authentium's product scheduled for a March 2007 launch, they never would have had to pay out $18.5 million to clients who had their account details captured by a keylogger on their compromised systems.
Criminals used those credentials to login to a number of E-Trade accounts and pump up the price of a penny stock the criminals controlled. Then the scamsters sold their inflated shares and left E-Trade's clients to complain to E-Trade.
The online brokerage ended up having to make good on the fraudulent transactions and reimbursed their clients. That event probably got more financial institutions interested in a better way to provide secure services than any security breach did.
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About
the Author:
David Utter is a technology writer for SecurityProNews, WebProNews, and InternetFinancialNews.
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