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: Quantum gas turns supersolid

Researchers led by Francesca Ferlaino from the University of Innsbruck and the Austrian Academy of Sciences report in Physical Review X on the observation of supersolid behavior in dipolar quantum gases of erbium and dysprosium. In the dysprosium gas these properties are unprecedentedly long-lived. This sets the stage for future investigations into the nature of this exotic phase of matter.

Supersolidity is a paradoxical state where the matter is both crystallized and superfluid. Predicted 50 years ago, such a counter-intuitive phase, featuring...

Im Focus: Explosion on Jupiter-sized star 10 times more powerful than ever seen on our sun

A stellar flare 10 times more powerful than anything seen on our sun has burst from an ultracool star almost the same size as Jupiter

  • Coolest and smallest star to produce a superflare found
  • Star is a tenth of the radius of our Sun
  • Researchers led by University of Warwick could only see...

Im Focus: Quantum simulation more stable than expected

A localization phenomenon boosts the accuracy of solving quantum many-body problems with quantum computers which are otherwise challenging for conventional computers. This brings such digital quantum simulation within reach on quantum devices available today.

Quantum computers promise to solve certain computational problems exponentially faster than any classical machine. “A particularly promising application is the...

Im Focus: Largest, fastest array of microscopic 'traffic cops' for optical communications

The technology could revolutionize how information travels through data centers and artificial intelligence networks

Engineers at the University of California, Berkeley have built a new photonic switch that can control the direction of light passing through optical fibers...

Im Focus: A long-distance relationship in femtoseconds

Physicists observe how electron-hole pairs drift apart at ultrafast speed, but still remain strongly bound.

Modern electronics relies on ultrafast charge motion on ever shorter length scales. Physicists from Regensburg and Gothenburg have now succeeded in resolving a...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

VideoLinks
Industry & Economy
Event News

Revered mathematicians and computer scientists converge with 200 young researchers in Heidelberg!

17.04.2019 | Event News

First dust conference in the Central Asian part of the earth’s dust belt

15.04.2019 | Event News

Fraunhofer FHR at the IEEE Radar Conference 2019 in Boston, USA

09.04.2019 | Event News

 
Latest News

Control 2019: Fraunhofer IPT presents high-speed microscope with intuitive gesture control

24.04.2019 | Trade Fair News

Marine Skin dives deeper for better monitoring

23.04.2019 | Information Technology

Geomagnetic jerks finally reproduced and explained

23.04.2019 | Earth Sciences

VideoLinks
Science & Research
Overview of more VideoLinks >>>