Trusteer, the customer protection company for online businesses, reported today that the vast majority of online banking customers reuse their login credentials to access non-financial and much less secure websites. Trusteer found that 73 percent of bank customers use their online account password to access other websites, and that 47 percent use both their online banking user ID and password to login elsewhere on the Internet. These findings are based on a sample of more than 4 million users of the Rapport browser security service, many of whom are customers of leading North American and European banks. This widespread reuse of online banking credentials is being exploited by criminals who have devised various methods to harvest login credentials from less secure sources, such as webmail and social network websites. Once acquired, these usernames and passwords are tested on financial services sites to commit fraud.
- Published: 01 February 2010
- Written by NStinchcombe