Early last week I received a
new toy security enhancement from my bank.
The card reader is to provide an extra level of security for online banking.
Will it be an end to phishing? and other bank fraud? It should make simple phishing attacks more difficult. However, to OUT-LAW.COM the Banking Code (produced by the British Banking Association) “banks will not be responsible for losses on online bank accounts if consumers do not have up to date anti-virus, anti-spyware and firewall software installed on their machines“.
Is this an end to phishing? No. This type of gadget is still vulnerable to sophisticated keylogging Trojans and man-in-the-middle attacks. Internet Banking can be a safe and secure activity. Card readers will provide more security however, they are not a panacea. Only access online bank accounts from computers you trust and control. Attempting to bank online from internet cafes or public terminals is a recipe for disaster.