Despite financial institutions taking sensible precautions and employing the latest technologies, the exploits of a young hacker exposes flaws in the system, Wired first reported.Editor's Note: Oh KNOW! (or should I say, oh don't I know IT?) I think it's safe to say that we've (HomeATM) been trying...trying...trying...to drive home(atm) that message for (at least) the last six months.
But let's take a time out. We're going to rely on outside sources now. Nobody seems to be connecting the dots. Everything that has transpired over the last year, 5000 SQL attacks per day during the first 2 quarters of 2008 has seen an exponentiation into 450,000 per day.
So to Imagine that there are flaws in the system related to online fraud really confounds me...NOT! Sir Prise, Sir REPrise.
So...all you EFT Networks out there...do you still want a software-based (PIN-Based) so-called solution? Okay...go for it. You might be blind to the risks now, but YOU"LL SEE! Why are you taking the Easy Way out? Convenience OVER Security? Anybody out there want to share their opinions? Click Here, go to the bottom of the post and please comment! Do you really believe a software approach to protecting your PIN is safe? We will publish any comment anyone wants to share.
BACK" to the story...(from SC Magazine)
Court records obtained by Wired show how Israeli-born hacker Ehud Tenenbaumand and his cohorts, using SQL attacks and obtaining administrative passwords, were able to break into the networks of several financial institutions in the United States to steal confidential personal information, which they then sold via the internet. This data was copied onto counterfeit credit cards and used at ATMs to withdraw cash,
Tenenbaum, 29, also known as "The Analyzer," gained notoriety 10 years ago when he broke into computer networks of NASA, the Pentagon and the Knesset, the legislative branch of the Israeli government.
At the time, he was celebrated in Israel -- first being congratulated by now Prime Minister-designate Benjamin Netanyahu for his "damn good IT skills," and then being featured in an advertisement and given a replacement computer to replace the one confiscated by the police, according to the U.S. Department of Defense Information Analysis Center. He then worked as a computer security consultant assisting Israeli enterprises to protect their networks from cyberattacks.According to the court documents filed in Canada in September 2008, the U.S. Secret Service has been on his trail since October 2007, when they began an investigation into what they termed "an international conspiracy" of hackers attempting to make their way into computer networks of U.S. financial institutions and other businesses.
Continue Reading at SC Magazine
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