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 Microtechnology industry is hiring – positive developments of past years continue
09.04.2018 | IVAM Fachverband für Mikrotechnik

nachricht RWI/ISL-Container Throughput Index with minor decline on a high overall level
20.03.2018 | RWI – Leibniz-Institut für Wirtschaftsforschung

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: Explanation for puzzling quantum oscillations has been found

So-called quantum many-body scars allow quantum systems to stay out of equilibrium much longer, explaining experiment | Study published in Nature Physics

Recently, researchers from Harvard and MIT succeeded in trapping a record 53 atoms and individually controlling their quantum state, realizing what is called a...

Im Focus: Dozens of binaries from Milky Way's globular clusters could be detectable by LISA

Next-generation gravitational wave detector in space will complement LIGO on Earth

The historic first detection of gravitational waves from colliding black holes far outside our galaxy opened a new window to understanding the universe. A...

Im Focus: Entangled atoms shine in unison

A team led by Austrian experimental physicist Rainer Blatt has succeeded in characterizing the quantum entanglement of two spatially separated atoms by observing their light emission. This fundamental demonstration could lead to the development of highly sensitive optical gradiometers for the precise measurement of the gravitational field or the earth's magnetic field.

The age of quantum technology has long been heralded. Decades of research into the quantum world have led to the development of methods that make it possible...

Im Focus: Computer-Designed Customized Regenerative Heart Valves

Cardiovascular tissue engineering aims to treat heart disease with prostheses that grow and regenerate. Now, researchers from the University of Zurich, the Technical University Eindhoven and the Charité Berlin have successfully implanted regenerative heart valves, designed with the aid of computer simulations, into sheep for the first time.

Producing living tissue or organs based on human cells is one of the main research fields in regenerative medicine. Tissue engineering, which involves growing...

Im Focus: Light-induced superconductivity under high pressure

A team of scientists of the Max Planck Institute for the Structure and Dynamics of Matter (MPSD) at the Center for Free-Electron Laser Science in Hamburg investigated optically-induced superconductivity in the alkali-doped fulleride K3C60under high external pressures. This study allowed, on one hand, to uniquely assess the nature of the transient state as a superconducting phase. In addition, it unveiled the possibility to induce superconductivity in K3C60 at temperatures far above the -170 degrees Celsius hypothesized previously, and rather all the way to room temperature. The paper by Cantaluppi et al has been published in Nature Physics.

Unlike ordinary metals, superconductors have the unique capability of transporting electrical currents without any loss. Nowadays, their technological...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

VideoLinks
Industry & Economy
Event News

Save the date: Forum European Neuroscience – 07-11 July 2018 in Berlin, Germany

02.05.2018 | Event News

Invitation to the upcoming "Current Topics in Bioinformatics: Big Data in Genomics and Medicine"

13.04.2018 | Event News

Unique scope of UV LED technologies and applications presented in Berlin: ICULTA-2018

12.04.2018 | Event News

 
Latest News

Supersonic waves may help electronics beat the heat

18.05.2018 | Power and Electrical Engineering

Keeping a Close Eye on Ice Loss

18.05.2018 | Information Technology

CrowdWater: An App for Flood Research

18.05.2018 | Information Technology

VideoLinks
Science & Research
Overview of more VideoLinks >>>