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Nilesh Raut - HDFC Bank Ltd.

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A post relating to this item from Finextra:

Trojan steals 500,000+ bank and card details

31 October 2008  |  16389 views  |  0
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The login credentials for hundreds of thousands of online bank accounts and debit and credit cards have been stolen by "one of the most pervasive and advanced pieces of crimeware ever created," accord...

How to make online banking and e-commerce secured

01 November 2008  |  2746 views  |  1

 http://www.finextra.com/finchannel.asp?topic=security

Published: 31 October 2008 - 15:53

Trojan steals 500,000+ bank and card details
 

The login credentials for hundreds of thousands of online bank accounts and debit and credit cards have been stolen by "one of the most pervasive and advanced pieces of crimeware ever created," according to the RSA FraudAction Research Lab.

 

 http://www.finextra.com/community/fullblog.aspx?id=1128

PCI compliance fails to prevent Hannaford hacking 31/03/2008 13:15:02

 

The Hannaford card security breach is a worrying development for the payment card industry. The exploit - which would appear to be an inside job - exposes weaknesses in the PCI compliance standards explicitly and expensively promoted by the card companies as a solution to restoring consumer confidence in payment card security.

Unlike TJX, Hannaford did not store customer names and account information in a central location and was fully-compliant with industry standards for protecting card data. In this incident, the hackers tapped into the data as it was transmitted from servers at each compromised Hannaford outlet during the card verification process.

It may be that there is little the industry as a whole can do to thwart such a determined and sophisticated attack. Nonetheless, incidents such as this do little to inspire confidence in either retailer security, or the 12-step PCI standards.
 

My question is what the community thinks about making online banking and e-commerce secured, so that even a layman can do the transactions with 100% confidence?

 

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Comments: (1)

Dean Procter
Dean Procter - Transinteract - Sydney | 01 November, 2008, 06:59

The whole flawed approach to security with financial transactions, giving fraudsters easy money and making even insider fraud so temptingly easy never ceases to amaze me. Mind you any banker who could manage their way into bankruptcy in the credit squeeze is hardly qualified to decide security.

If it was part of a secret plot to share the wealth, it is certianly is working and you'd be hard-pressed to make it easier if you tried.

Maybe if they tried a different approach - perhaps if banks were to try make it easy for fraudsters - then they'd likely stuff it up completely and fraud might be cured.

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How to make online banking and e-commerce secured

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job title Senior Manager
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IT professional working on payment technologies ( ATM/Debit cards/EFT switch, Security) in IT department of a private bank

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