| Home : December 12 2013 Computer News : Banks shouldn't rely on mobile SMS passcodes, security firm says |
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Banks shouldn't rely on mobile SMS passcodes, security firm says |
December 12, 2013
A widely used security feature intended to protect access to online bank accounts is becoming increasingly ineffective, as cybercriminals develop advanced malicious software for Android devices, according to a report released Wednesday.Many banks offer their customers two-factor authentication, which involves sending an SMS message with a code that’s entered into a Web-based form. The code expires in a few minutes and is intended to thwart cybercriminals who have a person’s login credentials.But there are now multiple mobile malware suites that work in tandem with desktop malware to defeat one-time passcodes, wrote Ken Baylor, research vice president for NSS Labs.”Do not rely on SMS-based authentication,” the report said. “It has been thoroughly compromised.”To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2079620/banks-shouldnt-rely-on-mobile-sms-passcodes-security-firm-says.html#tk.rss_all
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