Bank Technology News' Editor-in-Chief, Rebecca Sausner, writes in Firing Line about the lack of security involved with online banking. Here's a quote: "Internet Banking, as we know it, the kind that happens when a user launches a browser and goes through even a decent approximation of layered security on a bank's Website, is dead...made untenable by massive fraud...
You know it Rebecca! As I've stated many times on this blog, heck, I even took the time a while back to create the graphic on the left..."It's only a matter of time before EVERYONE realizes the web (browser) is not safe to conduct financial transactions." It's gratifying to see when a publication with the reputation of Bank Technology News acknowledges what we at HomeATM have been espousing for the last 18 months. (Look at related articles below for a rendering of the picture we've tried to paint)
I've also stated (many times) that HomeATM can SOLVE the problem. For those who are unaware of how we can do that, HomeATM replicates the exact same process used to authenticate the card holder at an ATM INSIDE the bank branch. (which is more secure than authentication done at a satellite ATM...i.e. at a grocery store)
Our device uses existing bank rails, existing cards and existing PINs. We Triple DES, DUKPT encrypt both the Track 2 data and we 3DES DUKPT Encrypt the PIN "inside our box" ... outside the browser. Seamless Transition. I don't know of anyone who doesn't know how to swipe their card and enter their PIN.
Swipe, Encrypt, Transmit. Safe Online Banking Log-In... Guaranteed.
To read the entire editorial, click the widget below:
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Online Banking is Dead | |
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