Banking passwords re-used
(4 February 2010 – Global) Consumers banking security is in danger of phishing attacks, after online security firm Trusteer revealed that 73 percent of bank customers re-use their online banking password to access at least one other, less sensitive website.
The security firm collects its data through sample users of its Rapport browser security service; the service is offered through online banks in Europe and North America to customers as a defence against phishing attacks.
Of those surveyed, 43 percent also said that they use the same online banking username as well as password, for a login at other websites.
The dismal password security practice means that fraudsters only need to, for example, trick you into revealing your login details to a social networking site; they then stand a very good chance of then using the same information to gain access to your online banking.
Trusteer’s survey also found that when banks allowed users to pick their own login ID, 65 percent re-used this username at a non-financial site.
And, even in the instance when the username was chosen by the banking institution, 45 percent will still replicate it as their user ID elsewhere.
This lack of sensitive data security being displayed by consumers opens them up to major financial losses through fraudulent activity.
Amit Klein, CTO, Trusteer, said that using stolen credentials remains the easiest way for criminals to bypass the security measures implemented by banks to protect their online applications, so Trusteer wanted to see how often users repurpose their financial service usernames and password.
The findings were very surprising, and revealed that consumers are not aware, or are choosing to ignore, the security implications of reusing their banking credentials on multiple websites, Mr Klein added.
Of those surveyed, 43 percent also said that they use the same online banking username as well as password, for a login at other websites.
The dismal password security practice means that fraudsters only need to, for example, trick you into revealing your login details to a social networking site; they then stand a very good chance of then using the same information to gain access to your online banking.
Trusteer’s survey also found that when banks allowed users to pick their own login ID, 65 percent re-used this username at a non-financial site.
And, even in the instance when the username was chosen by the banking institution, 45 percent will still replicate it as their user ID elsewhere.
This lack of sensitive data security being displayed by consumers opens them up to major financial losses through fraudulent activity.
Amit Klein, CTO, Trusteer, said that using stolen credentials remains the easiest way for criminals to bypass the security measures implemented by banks to protect their online applications, so Trusteer wanted to see how often users repurpose their financial service usernames and password.
The findings were very surprising, and revealed that consumers are not aware, or are choosing to ignore, the security implications of reusing their banking credentials on multiple websites, Mr Klein added.
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