Security Question

posted in: Tech 4 |
Reading Time: 1 minute

I got an email notice from my bank today that said starting such and such a date they were implementing a new security feature for on-line banking. On that day if I want to do some on-line banking, I’ll have to enter my password on two consecutive screens to login.

Now, I’ll admit I don’t know everything about hacking and security, but does that actually accomplish anything? Common sense tells me that someone who can get your password entered once, can get it entered twice without much difficulty. Am I missing something here?

Tags: OnlineBanking, Security

4 Responses

  1. JJT
    | Reply

    Actually, all banks using some variant of online account access require the use of multi-factor authentication. It is a compliance requirement coming from, if memory serves, the FFIEC.

    Different banks have rolled it out and migrated their users to it at different times. For example, my bank, Bank of America, did this about 2 years ago.

  2. Phil Gerbyshak
    | Reply

    I think this is more to prevent the brute force hackers from gaining access to your account. I personally think this is ridiculous, as multi-factor authentication in this way, or the placing a tracking token on your PC, are not the most secure ways of doing things. I’d prefer it if they sent me a key fob with changing numbers, one for me, and one for my wife, along with a PIN. That would make me feel more secure.

  3. John
    | Reply

    my bank doesnt allow you to typoe anymore, you have to enter your information on a software keyboard that pops up on the screen.

    No clue what they do about the blind or visually impaired, that sucker is small!

  4. Mike McBride
    | Reply

    There was an update today, apparently the first notice was a tad incomplete. Turns out they are separating the username and password on to two screens so that they can add in multi-factor authorization tools to be determined later. Now that makes a bit more sense.

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