Middle Eastern Banking Fraud

Have you wondered why the major banks still continue to use ageing and insecure technology such as Chip-n-Pin and ATM systems to try and protect our hard earned money? Ageing I hear you say? but it's only just been introduced, very true, however these projects take years to progress through the corporate system and consequently are out of date by the time they are implemented.

As an arms race against the bad guys it’s vital for the security of the customer for organisations (and not just banks) to ensure they keep ahead and provide sufficient security.

Why do we therefore see more and more fraud from stolen credit cards and witness the ease at which pin numbers can be obtained.

The recent discovery in the Middle East banking sector is yet another example:

http://www.theregister.co.uk/2008/09/12/uae_atm_hacking_attack/

When simple more secure solutions exist such as one time password authentication why do we still have insecure implementation of banking security? At PINoptic we hear considerable investment “skin in the game” in the current solutions, we hear the losses aren’t high enough (almost £600 million last year in the UK alone?) for the lack of will to improve security.

At PINoptic we view the customer as surely the major drive behind reducing the level of fraud. Anyone who has had payments taken illegally from their bank accounts or credit cards will know the personal inconvenience this creates.

It’s time for more secure solutions to be implemented!