Feeds

VeriSign will ship two-factor authentication for debit cards

What took so long?

SANS - Survey on application security programs

VeriSign has announced plans to integrate two-factor authentication technology into ATM and credit cards, a move that would give customers significantly more protection against scammers without requiring them to go through the hassle or expense of using a stand-alone security token.

The move will allow debit and credit cards to include a small panel that displays a temporary password that regularly changes every 60 seconds or so. Customers logging on to the issuer's website would be required to enter both the temporary and permanent password, a measure that would provide more protection against phishers and other online miscreants. Currently, most financial institutions rely on a single password to authenticate customers.

Criminals employ an impressive arsenal of tricks to intercept online passwords, with phishing emails and keyloggers being among the most popular. Relying on a static password as a sole means of authentication makes it easier for criminals to repeatedly and surreptitiously gain access to a victim's account, often over an extended period of time.

Requiring two-factor authentication, which requires both a static password and the temporary code, can limit this damage, since a criminal would need both physical access to the card and the knowledge of the permanent password to access the account. (The added protection, however, is not immune to attacks.)

Given the seemingly daily reports of fraud on eBay and other online commerce sites, it's hard to understand why two-factor authentication isn't already common place.

VeriSign isn't saying what financial institutions will adopt the service, but a spokesman said several banks have already signed up and that VeriSign plans to announce them in the near future. Participating financial institutions will be able to share codes so customers won't have to carry multiple cards. VeriSign is teaming with Innovative Card Technologies to deliver the service.

VeriSign's press release can be found here. ®

Combat fraud and increase customer satisfaction

More from The Register

next story
Parent gabfest Mumsnet hit by SSL bug: My heart bleeds, grins hacker
Natter-board tells middle-class Britain to purée its passwords
Obama allows NSA to exploit 0-days: report
If the spooks say they need it, they get it
Web data BLEEDOUT: Users to feel the pain as Heartbleed bug revealed
Vendors and ISPs have work to do updating firmware - if it's possible to fix this
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Mounties always get their man: Heartbleed 'hacker', 19, CUFFED
Canadian teen accused of raiding tax computers using OpenSSL bug
Snowden-inspired crypto-email service Lavaboom launches
German service pays tribute to Lavabit
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.