Security gaping holes: Any bank card data easy to get even inside terminal
The German researchers found, any card data may be easily stolen right off the terminals designed to protect it. This risk can not be easily fixed. Not only customers but shops can find this technology turned against them. Meanwhile banks are acknoledged of this problem but are reluctant to react to it.
Cambridge University – Professor Anderson has also published weakness in Banking. The Banks *threatened* him and his Phd students for exposing the flaws. He replied basically telling the banks to take a hike.
He is one of Britain’s foremost experts on cyber security, a man who has spent 30 years following the development of first telephone, and then online, banking. The professor of security engineering at the University of Cambridge’s computer laboratory has witnessed the mass take up of online banking, and more recently the explosion in fraudulent activity.
So when Ross Anderson says he has never banked online – and has no plans to do so primarily because the customers carry the risks of fraud – the rest of us might want to take notice.
Until recently it would have been unthinkable to suggest consumers should consider ditching online banking, so much a part of the financial world has it become. But online bank fraud is the UK’s fastest growing area of crime – doubling from £60m in 2014 to an expected total beyond £130m this year – and the losses to consumers have in some cases been of the life-changing order of £90,000 each.