Trend Micro: Stronger Banking Authentication Needed

Monday Jun 21st 2010 by Kara Reeder
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Belgium botnet infected the PCs of customers of the the Dexia, KBC and Argenta banks between April and May 2007.

Trend Micro is warning of a new botnet circulating in Belgium that is being used to steal the log-in credentials of online share trading platforms in order to manipulate stock prices, according to V3.co.uk.

Trend Micro's Rik Ferguson says the bot infected the PCs of customers of the Dexia, KBC and Argenta banks between April and May 2007. He says the investigation has remained secret until recently.

In a blog post, Ferguson says banks should be investing in more advanced authentication technology for customers aimed at verifying the transaction.

It is vital that any improvement in online banking security should verify individual transactions rather than simply authenticate the user. The authentication token itself must be capable of accepting direct input relating to the content or the value of the transaction. This can then be verified by both parties and cannot be modified by the malicious 'man in the browser.'

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