Major Financial Groups Share Data To Fight Online Theft 40
smitty777 writes "The Wall Street Journal is reporting on some unprecedented steps being taken by major financial institutions to combat online theft. The initiatives include a new type of data center that would be used to analyze bank data for potential security threats. Additionally, a quarterly round-table between the rivals to attack security issues was proposed. The article notes that 'security threats are pushing the big banks to do something that doesn't come naturally for these secrecy-steeped institutions: share information with one another.' A video at MarketWatch digs into it a little bit more, and points out that the banks will spend an estimated $1 billion on protection this year, which represents a 12% increase. Technologically, there has been much discussion of two-factor authentication to improve security. In fact, security officials in Singapore are even hinting at biometric solutions."
Decent evaluation of Bank security (Score:5, Interesting)
Having used both name/password, electronic tokens etc. to access my financial data, I would like to see an objective analysis of their security. I personally prefer the electronic tokens used by several Dutch banks (ING, Rabobank, ABN AMRO), above the name/password features used by American banks (BofA, Wells Fargo, Chase, JP Morgan, Credit unions, etc.). But the main question is: how do they perform in real-life? Which schemes lose more money to scamming or phishing?
Evaluating the performance of my parents (70+) with modern authentication schemes, does not bode well. My parents are generally unable to distinguish phishing mail from real mail - how should banks balance the convenience of email against the requirements for safety?
Can anyone point to objective evaluations of bank security and authentication schemes?
Security (Score:4, Interesting)
The banks are considering two-factor authentication? That's great! Now my bank account will finally be as secure as my World of Warcraft account!
http://us.battle.net/support/en/article/battle-net-mobile-authenticator-faq [battle.net]
(Seriously, my favorite online game has been offering two-factor authentication for years. Why is this a new revelation to banks?)