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Security

Submission + - "Two-factor" bank authentication foiled ag

CheckeredShirt writes: A couple of articles, one from Computer Weekly and one from SC Magazine, briefly discuss the recent compensation given by ABN Amro to four of it's customers that were the victim of a phishing attack. The real kicker is that the attack easily foiled the "two-factor" authentication that was mandated by the FFIEC but correctly predicted to be ineffectual. The good news is that ABN Amro is "taking this incident very seriously" and using it as an opportunity to remind users that online banking is safe "provided users take the right precautions."

We warn the reader in advance that the proof presented here depends on a clever but highly unmotivated trick. -- Howard Anton, "Elementary Linear Algebra"

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