Feeds

VeriSign will ship two-factor authentication for debit cards

What took so long?

The essential guide to IT transformation

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. ®

Next gen security for virtualised datacentres

More from The Register

next story
e-Borders fiasco: Brits stung for £224m after US IT giant sues UK govt
Defeat to Raytheon branded 'catastrophic result'
Germany 'accidentally' snooped on John Kerry and Hillary Clinton
Dragnet surveillance picks up EVERYTHING, USA, m'kay?
Snowden on NSA's MonsterMind TERROR: It may trigger cyberwar
Plus: Syria's internet going down? That was a US cock-up
Who needs hackers? 'Password1' opens a third of all biz doors
GPU-powered pen test yields more bad news about defences and passwords
Think crypto hides you from spooks on Facebook? THINK AGAIN
Traffic fingerprints reveal all, say boffins
Rupert Murdoch says Google is worse than the NSA
Mr Burns vs. The Chocolate Factory, round three!
Microsoft cries UNINSTALL in the wake of Blue Screens of Death™
Cache crash causes contained choloric calamity
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.