Banking System Fails Due To Security Question

secquestions


By Bill Pytlovany

Banking System Fails Due To Security Question

The biggest threat to your security may be the answers you’ve given to security questions.

If you’ve been paying attention to computer news you may have heard that the US Federal Reserve Bank was hacked. Details on over 400 bankers was stolen although the Fed won’t say what the “Details” are. You may have also heard about the Bush family being one of the many hacked due to a flaw in Yahoo’s Email service. One flaw they have in common is an outdated method to reset your password.

This week I discovered one reason banks have failed to provide accurate security all the way up to the top. It took me 3 minutes to find that Fed Chairman Ben Bernanke’s mother’s maiden name was “Friedman”.

I recently realized the company providing services to my small town bank is still living in the 70’s and probably still stores my information on magnetic tape reels programmed in COBOL According to its website Fidelity National Information Services or FIS is the world’s largest global provider dedicated to banking and payment technologies.

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This post is excerpted with Bill’s permission from his blog

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