Online transactions: new layer of security

In November 2011, Xbox 360 and PayPal users were hit by a phishing attack. The attack stole the users’ passwords and then transferred money to the scammers accounts.
Microsoft had to refund their users and send out warnings to thousands of Xbox Live subscribers who may have had credit card details stolen. Microsoft also urged their users to change their passwords immediately and issued various notices on how not to fall prey to phishing attacks.
But there are many viruses and trojans that steal passwords, and they do it in many different ways to make fraudulent transactions. Some inject themselves into a computer’s memory.
So even copy-pasting a password is not safe nor is using a virtual keyboard to access your bank account. “The password system is broken,” says Mohan Sundaram, CEO of Red Force Labs in Bangalore. Red Force Labs is building solutions that help verify identities and transactions reliably from any computing device and taking away the vulnerabilities that password systems have.

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