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Australia Cellphones Handhelds Security The Almighty Buck IT

Australian Telcos Declare SMS Unsafe For Bank Transactions 42

littlekorea writes "Australia's telcos have declared that SMS technology should not be used by banks to verify identities for online banking transactions, in a bid to wash their hands of culpability for phone porting hacks. But three of Australia's largest four banks insist they will continue to use SMS messages to carry authentication codes for transactions."
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Australian Telcos Declare SMS Unsafe For Bank Transactions

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  • by PPH ( 736903 ) on Thursday November 08, 2012 @06:30PM (#41925245)

    Imagine if your thumb / palm / eye was worth ten million dollars to someone. In this sort of situation, it's better to implement 'somewhere you are', (Especially if that somewhere is somewhere people can look at you and confirm you are you visually.

    Not always just you. Some years ago, the local media interviewed a member of Bill Gates' security team. It seems that Bill travels with minimal security. Meanwhile, his family is heavily protected. When asked why, the guard said, "Bill has to be free to visit the bank to make a withdrawal. We need to make sure his family is safe when he does so."

A large number of installed systems work by fiat. That is, they work by being declared to work. -- Anatol Holt

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