Feeds

Flaw exposed in HSBC's online banking

Bank says customers are 'adequately protected'

Choosing a cloud hosting partner with confidence

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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Regin: The super-spyware the security industry has been silent about
NSA fingered as likely source of complex malware family
Why did it take antivirus giants YEARS to drill into super-scary Regin? Symantec responds...
FYI this isn't just going to target Windows, Linux and OS X fans
Privacy bods offer GOV SPY VICTIMS a FREE SPYWARE SNIFFER
Looks for gov malware that evades most antivirus
Patch NOW! Microsoft slings emergency bug fix at Windows admins
Vulnerability promotes lusers to domain overlords ... oops
HACKERS can DELETE SURVEILLANCE DVRS remotely – report
Hikvision devices wide open to hacking, claim securobods
'Regin': The 'New Stuxnet' spook-grade SOFTWARE WEAPON described
'A degree of technical competence rarely seen'
Astro-boffins start opening universe simulation data
Got a supercomputer? Want to simulate a universe? Here you go
prev story

Whitepapers

Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
Why CIOs should rethink endpoint data protection in the age of mobility
Assessing trends in data protection, specifically with respect to mobile devices, BYOD, and remote employees.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
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?
Protecting against web application threats using SSL
SSL encryption can protect server‐to‐server communications, client devices, cloud resources, and other endpoints in order to help prevent the risk of data loss and losing customer trust.