A solution to email-based bank phishing attacks

A research note from TowerGroup, sponsored by IBM, addresses the issue of security in online banking, and the techniques that cybercriminals are using to gain access to online bank accounts. Although the report, published in 2005, is a bit outdated, its message still hits home.

Generally speaking, so long as you follow standard security protocols (complex passwords, change password regularly, don’t share passwords, and beware of emails claiming to be from your bank asking for login details), online banking is just as safe as driving to your local bank branch. In fact, locally there have been a rash of bank robberies, so online banking may be even safer!

One of the threats highlighted by the report is email phishing, which has become a very common way for attackers to try to steal account information, and sometimes, it works. The report recommends stronger authentication methods to combat this type of fraud.

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