for hackers to gain access to personal data, money and sensitive information of online banking customers, according to research by Positive Technologies.
Most online banks contain critical vulnerabilities that could be exploited. More than half (54%) of online banks have allowed fraudulent transactions and stolen funds, while all (100%) have received threats of unauthorized access to customer and company information such as account statements and payment orders.
About 77% of online banks had security flaws authentication methods two-factor. In some cases, the vulnerabilities allowed attackers to enter the bank's corporate network, according to the report.
Much of this information ends up on the Dark Web. The average cost of an online banking user's data on the Dark Web is just $22, according to the report — such a low price for ruining a customer's financial life.
Some of these security issues stem from the fact that banks don't use passwords for authentication or allow old passwords.
“Security measures that operate on the basis of user convenience increase the risk of fraud,” the study states. If you don’t have to confirm a transaction with a one-time code, a hacker’s job becomes easier, and an old password increases the chances of it being brute forced. Plus, don’t forget that a four-character password can be cracked in two minutes.
Be safe!
