Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Human error puts online banking security at risk

08.11.2007
Using an SMS password as an added security measure for internet banking is no guarantee your money is safe, according to a new Queensland University of Technology study which reveals online customers are not protecting their accounts.

Mohammed AlZomai, from QUT's Information Security Institute, said one in five online transactions was vulnerable to obvious attacks despite added security methods such as SMS passwords being adopted.

Mr AlZomai said the study had found that the security threat had more to do with the usability of the SMS system and human error, rather than any technical security problem.

"In response to the growing threat to online banking security, most banks have implemented special methods for authenticating a transaction," he said.

"A typical method is sending a one-time-password via SMS to the customer's mobile phone for each transaction.

"This means the customer must manually copy the password from their phone in order to confirm the online transaction."

But Mr AlZomai said customers were failing to notice when the bank account number in the SMS message was not the same as the intended account number.

He said if this occurred it was a clear sign hackers had infiltrated the system.

As part of the study, QUT developed a simulated online bank and asked participants to play the role of customers and undertake a number of financial transactions using an SMS authorisation code.

Mr AlZomai said he then simulated two types of attacks - an obvious attack which was where five or more digits in the account number were altered, and a stealthy attack which was where only one digit was changed.

"It is worrisome that obvious attacks were successful in 21 per cent of cases," he said.

"And when transactions faced a stealthy attack, 61 per cent of attacks were successful."

He said this study showed that a significant number of users were unable to identify the attack.

"This is a strong indication that the SMS transaction authorisation method is vulnerable," he said.

"According to our study only 79 per cent of users would be able to avoid realistic attacks, which represents an inadequate level of security for online banking."

Mr AlZomai said while this study highlighted the importance for customers to be vigilant when they were banking online, banks also had a responsibility to their customers.

"We hope this research will allow online banks and other online service providers to be better prepared for these emerging risks."

Sandra Hutchinson | EurekAlert!
Further information:
http://www.qut.edu.au

More articles from Business and Finance:

nachricht Mathematical confirmation: Rewiring financial networks reduces systemic risk
22.06.2017 | International Institute for Applied Systems Analysis (IIASA)

nachricht Frugal Innovations: when less is more
19.04.2017 | Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO

All articles from Business and Finance >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Making Waves

Computer scientists use wave packet theory to develop realistic, detailed water wave simulations in real time. Their results will be presented at this year’s SIGGRAPH conference.

Think about the last time you were at a lake, river, or the ocean. Remember the ripples of the water, the waves crashing against the rocks, the wake following...

Im Focus: Can we see monkeys from space? Emerging technologies to map biodiversity

An international team of scientists has proposed a new multi-disciplinary approach in which an array of new technologies will allow us to map biodiversity and the risks that wildlife is facing at the scale of whole landscapes. The findings are published in Nature Ecology and Evolution. This international research is led by the Kunming Institute of Zoology from China, University of East Anglia, University of Leicester and the Leibniz Institute for Zoo and Wildlife Research.

Using a combination of satellite and ground data, the team proposes that it is now possible to map biodiversity with an accuracy that has not been previously...

Im Focus: Climate satellite: Tracking methane with robust laser technology

Heatwaves in the Arctic, longer periods of vegetation in Europe, severe floods in West Africa – starting in 2021, scientists want to explore the emissions of the greenhouse gas methane with the German-French satellite MERLIN. This is made possible by a new robust laser system of the Fraunhofer Institute for Laser Technology ILT in Aachen, which achieves unprecedented measurement accuracy.

Methane is primarily the result of the decomposition of organic matter. The gas has a 25 times greater warming potential than carbon dioxide, but is not as...

Im Focus: How protons move through a fuel cell

Hydrogen is regarded as the energy source of the future: It is produced with solar power and can be used to generate heat and electricity in fuel cells. Empa researchers have now succeeded in decoding the movement of hydrogen ions in crystals – a key step towards more efficient energy conversion in the hydrogen industry of tomorrow.

As charge carriers, electrons and ions play the leading role in electrochemical energy storage devices and converters such as batteries and fuel cells. Proton...

Im Focus: A unique data centre for cosmological simulations

Scientists from the Excellence Cluster Universe at the Ludwig-Maximilians-Universität Munich have establised "Cosmowebportal", a unique data centre for cosmological simulations located at the Leibniz Supercomputing Centre (LRZ) of the Bavarian Academy of Sciences. The complete results of a series of large hydrodynamical cosmological simulations are available, with data volumes typically exceeding several hundred terabytes. Scientists worldwide can interactively explore these complex simulations via a web interface and directly access the results.

With current telescopes, scientists can observe our Universe’s galaxies and galaxy clusters and their distribution along an invisible cosmic web. From the...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Plants are networkers

19.06.2017 | Event News

Digital Survival Training for Executives

13.06.2017 | Event News

Global Learning Council Summit 2017

13.06.2017 | Event News

 
Latest News

Nanostructures taste the rainbow

29.06.2017 | Physics and Astronomy

New technique unveils 'matrix' inside tissues and tumors

29.06.2017 | Life Sciences

Cystic fibrosis alters the structure of mucus in airways

29.06.2017 | Health and Medicine

VideoLinks
B2B-VideoLinks
More VideoLinks >>>