German bank launches new system to combat phishing
John Blau writes in NetworkWorld:
German retail bank Postbank has launched a new plan designed to prevent phishers from capturing and misusing transaction numbers required by online banking customers to make money transfers.
The bank, which was the victim of a major phishing attack last year, is the first in Germany to offer "indexed" transaction numbers, or iTANs, it said Monday in a statement.
Phishing attacks use spoofed e-mail and fraudulent Web sites to fool respondents into entering personal financial data such as credit card numbers, account user names and passwords, which can then be used for financial theft or identity theft.
Until now, Postbank customers transferring money from their account to another electronically have had to type in their PIN followed by a TAN from a list provided by the bank for each transaction. In Germany, most banks providing online services offer a similar PIN-TAN service.
Under Postbank's new iTAN service, online customers are told by the computer which TAN to use, and only with this TAN can they complete a transaction at that very moment.
posted by Fergie @ 8/08/2005 10:00:00 AM
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