Banks Ignoring Cyber Security Warnings and make false claims that their systems are 100% safe
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Online banking remains under threat to MitB and Trojan attacks
According to experts from banking and IT-Security, banks are not really interested in security unless they forced to. Some even try to threaten experts who show the loopholes in their systems
Safety and security for online financial transactions has always remained a cause of worry for all customers. Be it ATM frauds or online banking or mobile banking, the onus to prove that he was robbed remains on the customer. Several times it is found that banks do not even pay heed to security requirements. It is often said that in a chain, it is the weakest link that is most vulnerable. In banking sector, unfortunately, the bank itself comes out as the weakest link.
In addition, banks are often found not to pay any heed on any warnings on Trojans and malware and always tell us that their systems are 100% safe and sound like a forte-Knox. While, there are several cases on bank Trojans stealing thousands of dollars from customer accounts, especially from western world, Indian banks are even not ready to pay any heed to these threats.
In fact, many banks ’shut out’ security expert, Yash KS, who has demonstrated how sites of several Indian banks are vulnerable. Mr Yash shot the video showing how Trojan can breach bank sites and uploaded it on public platform so that the lenders can increase the level of security. All these banks responded immediately by blocking and successfully removing the video from public domain like YouTube but failed to enhance security levels of their sites.
Mr Yash says, “Citibank has never responded when I contacted them to talk about malware. But when I posted my videos online, they mitigated the risk to some level within 10 days. It’s a good response. (However) Before fixing it, they blocked my video in YouTube saying it is harmful content.”
Recently British Broadcasting Corp (BBC) published an article on how hackers are outwitting online banking identity security systems (http://www.bbc.co.uk/news/technology-16812064). The article says, “Criminal hackers have found a way round the latest generation of online banking security devices given out by banks.”
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