Hackers outwit online banking identity security systems

LONDON, Feb 2: 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. Experts say customers should follow bank’s official advice, use up-to-date anti-virus software and be vigilant.

Devices like PINSentry from Barclays and SecureKey from HSBC – which look a lot like calculators – 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. This brought a new level of online banking security against password theft. The additional line of defence provided security even if a user’s computer along with any password information was hacked.

While these chip and pin devices make the hackers’ job more difficult, the hackers themselves have raised their game.