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Is online banking REALLY secure?

  CurlyWhirly 19:59 05 Nov 2004

click here

I am a Cahoot customer so it is worrying!
The article says that no money could have been transferred from people's accounts but I have my doubts.
Opinions anyone?

  CurlyWhirly 20:54 05 Nov 2004

Thanks for your input. Much appreciated.

  LastChip 22:09 05 Nov 2004

I think Jackcoms response says it all, BUT, it's the things we don't know about that maybe lurking around the corner, that could be unsafe.

Lets put it this way. I don't think it's any less safe than say telephone banking and probably much more secure, than handing your credit card over in a restaurant!

For me, the convenience outweighs the risks.

  CurlyWhirly 22:13 05 Nov 2004

I like you think that the convenience outweighs the risks but I can't believe that Cahoot released an upgrade of their website software without properly testing it first!

  oresome 19:04 06 Nov 2004

Is online banking REALLY secure?

Short answer is, we don't know. We will only know it isn't when there's a really big scam that hits the headlines. Of course it might be supressed for fear of the confidence loss that would follow.

I'll bet there's plenty of dishonest people working at it right now.

  CurlyWhirly 19:49 06 Nov 2004

I'll bet there's plenty of dishonest people working at it right now.

Yes I personally believe that it is only a matter of time before they succeed.
You are always hearing of websites being hacked or brought down with DOS (Denial of Service) attacks.
So far there has been NO report of a 'secure' website being hacked and this could be because it has not happened (yet) or like you said it may have been supressed for fear of the confidence loss that would follow.

  Forum Editor 20:33 06 Nov 2004

not too long ago. It was for the Hong Kong and Singapore headquarters of a European bank, and the emphasis was very much on security. We had to satisfy the Hong Kong monetary authority that the site was secure before they would allow us to go live on the Internet, and I had to sit through a two hour grilling by computer security experts from KPMG one afternoon. They tested the site inside out and backwards and tried to break our security systems - unsuccessfully, I'm pleased to say.

I'm puzzled by this latest Cahoot incident. I don't know how the UK authorities handle online banking sites, but you would hope that there's some kind of risk assessment and evaluation procedure in place. I can't believe that a bank can simply go online without passing an independent test or two. I'm not in possession of the full facts of course, but from what I've heard the security breach was achieved fairly easily.

  CurlyWhirly 21:50 06 Nov 2004

You must be a clever chap to design an online banking site!
You are wasted on this PCA Forum! lol

  Forum Editor 00:23 07 Nov 2004

Far from it - I've learnt a great deal from other people over the four years I've been writing and reading in this forum. We're lucky to have some forum members with real expertise in specific areas of computing - it's one of our great strengths.

  david.h 11:45 07 Nov 2004

I pointed out a flaw in a internet bank where you can view/use the previous users account[flaw only works from the computer used on the hight street building society premises not from any other] but other that a temp notice placed by staff by the computer nothing was done, I emailed the HQ never got a reply.

the user is covered by CCTV and any transactions are timed so could easily be caught if up to not good but still a worry.

  LastChip 12:34 07 Nov 2004

Dorsai. I grant you the award of the year for positive thinking. Violent free mugging!

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