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UK Banks Still Failing on Digital Security – Report

You are here: Home / General Cyber Security News / UK Banks Still Failing on Digital Security – Report
February 7, 2023

UK banking buyers are staying needlessly exposed to fraud and account compromise because of inadequate on the net security, in accordance to a new Which? examine.

The shopper legal rights group commissioned Purple Maple Technologies to evaluate 13 existing account providers’ online banking sites and applications from September to November 2022. Its analyze protected four crucial areas: login, navigation and logout, account management and encryption.

Amid the issues found out by the assessments were:

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  • No suitable blocking for weak passwords
  • Sending one particular-time passcodes and other delicate data by way of textual content messages
  • Failing to log buyers out right after 5 minutes of inactivity
  • Allowing entry to accounts from several web browsers/IP addresses at the similar time
  • Sending customer notifications that contains a web connection or phone number, which glance like phishing messages

Virgin Money came bottom of the listing with a overall rating of 52% online and 54% for its app. The take a look at found 6 out-of-date web apps run by the financial institution that experienced prospective vulnerabilities. The financial institution acknowledged vulnerabilities on 3 and said these will be corrected, in accordance to Pink Maple Systems.

Starling came out major, with an 82% score for on the web banking and 80% for its application. HSBC came a shut next total, its on the net banking website garnering 80% while its app arrived major with 82%.

“It is crucial for client safety that banking applications and internet websites use the strongest attainable security mechanisms to safeguard customers. Mobile applications present ease with the potential to speedily block and check out transactions, but it cannot be at the price of security,” argued Crimson Maple Systems CEO, Rob Stemp.

“What was fascinating was viewing how the newer, app-centered financial institutions have additional in depth measures in put when compared to some of the extra standard banking institutions. Possessing labored inside of some of these significant enterprises we recognize that they normally put up with with issues of complexity in their IT estate and legacy techniques at the main of their infrastructure.”

Remote banking fraud losses in the initially 50 percent of 2022 stood at virtually £85m, a 36% 12 months-on-12 months fall, in accordance to business system UK Finance.


Some parts of this short article are sourced from:
www.infosecurity-journal.com

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