03/02/2012 - Beware Bank Security Pin Device Hackers
Beware Bank Security Pin Device Hackers.
According to BBC Click, a technological feature bulletin, criminal hackers have found a way round the latest generation of online banking security devices given out by banks.
After logging in to the bank's real site, account holders are being tricked by the offer of training in a new "upgraded security system". Money is then moved out of the account but this is hidden from the user.
Devices like PINSentry from Barclays and SecureKey from HSBC - ask users to insert a card or a code to create a unique key at each login, valid for around 30 seconds, that cannot be used again. While these chip and pin devices make the hackers' job more difficult, the hackers themselves have raised their game.
With the additional security devices, the risk of fraud is only present for one transaction, and only if the customer falls for the "training exercise".
According to Financial Fraud Action UK, Online banking fraud losses totalled £16.9 million in the first 6 months of last year.
Banks and experts are urging customers to continue using online security anti-virus products and to be vigilant.
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