Feeds

Flaw exposed in HSBC's online banking

Bank says customers are 'adequately protected'

Secure remote control for conventional and virtual desktops

Researchers at Cardiff University have uncovered a flaw in HSBC's online banking security process that has left over three million customer accounts vulnerable to attack over the last two years.

The researchers found that anyone using the attack would have guaranteed access to an account within nine tries, The Guardian reports.

The researchers, who plan to publish full details of their findings in security journals later in the year, have so far only divulged that the vulnerability would mean a machine compromised with a key-logger would quickly reveal all the information a criminal would need to gain fraudulent access to an account.

Professor Antonia Jones, the computer scientist who led the research team told The Guardian: "As long as this flaw exists, customers are at risk. For banks or institutions that are making huge amounts out of their customers not to protect them is pretty scandalous."

HSBC, meanwhile, says it will review its security procedures in light of the disclosure, but described the vulnerability as "a supposed flaw" which it had never seen criminals use.

It added that the attack was "extremely sophisticated" would have to be very focussed on one individual, would therefore be unlikely to be particularly profitable, and thus was an unattractive approach.

In a statement, it said: "Online fraud via HSBC's internet banking system is substantially lower than the market average and we are satisfied our customers are adequately protected."

However, the other security experts warn that if the attack were to be automated, accounts would be very vulnerable. The Cardiff researchers add that once the loophole is spotted, it could be used to access accounts very simply. ®

New hybrid storage solutions

More from The Register

next story
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Google recommends pronounceable passwords
Super Chrome goes into battle with Mr Mxyzptlk
Infosec geniuses hack a Canon PRINTER and install DOOM
Internet of Stuff securo-cockups strike yet again
THREE QUARTERS of Android mobes open to web page spy bug
Metasploit module gobbles KitKat SOP slop
'Speargun' program is fantasy, says cable operator
We just might notice if you cut our cables
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Snowden, Dotcom, throw bombs into NZ election campaign
Claim of tapped undersea cable refuted by Kiwi PM as Kim claims extradition plot
YouTube, Amazon and Yahoo! caught in malvertising mess
Cisco says 'Kyle and Stan' attack is spreading through compromised ad networks
Hackers pop Brazil newspaper to root home routers
Step One: try default passwords. Step Two: Repeat Step One until success
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.