A new study from University of Michigan reveals that 75% of all US banks have security flaw. The security concern includes design flaws that expose passwords and are susceptible to tampering by attackers, researchers say.
The three biggest problems are
The use of insecure pages (http: instead of https:) where users might input their password
Allowing weak user IDs and passwords that are easily guessable
Emailing sensitive information via the site
Using Social Security Numbers or Email Addresses as User IDs
Emailing Secure Information Insecurely
According to Atul Prakash, the University of Michigan professor who oversaw the study, “To our surprise, design flaws that could compromise security were widespread and included some of the largest banks in the country,”
The user has to be vigilant when using your bank’s website - make sure you are on a secure page, or don’t send sensitive information. And make sure that you have a strong password, that includes upper- and lowercase letters, and numbers.
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