SMS passwords do not protect your money

The new study conducted by Queensland University of Technology shows that one in five online transactions was vulnerable to attacks, despite the SMS password.
Many banks are using one-time passwords that are sent to your phone by SMS message for each transaction, which then has to entered manually to your computer.

The problem with this type of security is that customers fail to notice when the account numbers are altered, which is a clear sign of hackers infiltrating the system.
Two types of attacks were simulated during the study: an obvious attack, when more than five digits of the account number are altered and a stealthy attack, where only one digit was changed. Obvious attacks were successful in 21 percent and stealthy attacks in 61 percent of cases. This is a strong evidence of how vulnerable SMS transaction authorization might be and this is exactly why you should be vigilant when you are banking online.

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