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Hackers getting to grips with 'secure' authentication warns Gartner |
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Source: Tech World - Posted by Alex
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Security measures such as one-time passwords and phone-based user authentication are no longer enough to protect online banking transactions against fraud, according to a new report from Gartner.
Increasingly, such measures are overwhelmed by online criminals looking to pillage bank accounts using valid login credentials stolen from customers, the report said.
Going forward, banks need to quickly implement additional layers of security to protect their customers from falling victim to online fraud, said Avivah Litan, Gartner analyst and the report's author.
Gartner's warning comes amid a sharp uptick in fraud involving the exploitation of valid online banking credentials. In August, NACHA- the Electronics Payments Association issued an alert, warning members about attacks involving the theft of online banking credentials, such as usernames and passwords mostly from small- and medium-size businesses. Cybercriminals used the stolen credentials to take over corporate accounts and initiate unauthorised transfers of funds via electronic payment networks, NACHA said in its warning. NACHA, with more than 11,000 financial institutions as members, oversees the Automated Clearing House (ACH) electronic payments network.
Read this full article at Tech World
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