The Financial Times (FT) reports that the Financial Conduct Authority (FCA) was warned last July about a cyber security loophole that could give hackers access to the customer accounts of one of Britain’s biggest banks. The loophole, which is similar to the flaw identified by Kaspersky in over 100 bank security systems last month, involves a previously unidentified weakness in the two-step verification process, which involves customers receiving codes by mobile phone to use alongside their password. Cyber security firm, Bronzeye said that it had found 22 critical vulnerabilities at a large British bank but the bank had refused to work with the firm to fix them. The firm told the FT that one of the vulnerabilities could stop the bank in its tracks if hackers managed to exploit it. The loophole, which allows an attacker to steal a user’s identity and enter the institution through the front door, would be “extremely difficult to identify,” Bronzeye told the FT. “Once the attack begins, identification of those who have been targeted in it may be impossible until those customers come forward to report unknown transactions.” The security firm also believe that other UK high street banks that use the two-step verification […]
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