19 January 2018
Cedric Pariente

IT and Market Finance

Cedric Pariente - EFFI Consultants

23Posts 140,131Views 45Comments
Finextra community

Transaction Fraud Systems and Analysis

A community for discussion of Transaction Fraud systems and anlaytical techniques for bank card and financial services organisations.
A post relating to this item from Finextra:

Financial institutions have lost battle to protect customer data - TowerGroup

16 June 2009  |  9525 views  |  1
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US financial services firms have lost the battle to protect the personal information of customers and must now assume that all their clients' data has been, or will be, compromised, according to Tower...

Authentication Factors

16 June 2009  |  3549 views  |  0

Reaction to the article of TowerGroup

http://www.finextra.com/fullstory.asp?id=20137

Regarding the usage of "traditional" account information (name, address, birthdate...) as authentication factor, I guess we can say that, at least in Finextra Community, we know that this type of data has been compromised long before being put on the spot by the successive data breaches.

Even before the series of data breaches, this type of "traditional" information was already easily available on the web via the social networks and deep web search tools. There is always a trace somewhere even if you never enter your info on a website.

Concerning the recommendation of using knowledge-based authentication and one-time passwords delivered via SMS, I could not agree more.

The type of information that needs to be used for the authentication has to be dynamic, and the process itself must include an out-of-band channel to be insensitive to the latest hacking techniques.

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job title Stanford Certified Project Manager
location Paris
member since 2009
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I'm Cedric Pariente, a Stanford Certified Project Manager, working in IT & Market Finance.

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