Summary

This article is about a study by University of Michigan that shows that most of the Banking Websites are not secure owing to their poor design and this puts the data of the customers at considerable risk.

University of Michigan’s new report has revealed considerable security predicaments with financial web sites and online banking.

The flaws and problems were owing to the layout and flow of the web sites. As a case to point, it was found that almost half of the banks positioned secure login boxes on web pages that were not secure. This practice put consumers at considerable risk of falling prey to web pages that were spoofed.

More than half (55 percent to be exact) of the web sites were found to have security advice and important contact information on insecure web pages. That may enable a cyber attacker to alter a phone number or an address of a place that could be used to collect information of the consumer.

30 percent of the web sites redirected consumers to a web site (without prior warning) that was outside the domain of the bank. Furthermore, the study found that twenty-eight percent of the sites allowed consumers to make use of inadequate or weak user IDs and passwords (these are easier to hack). Additionally, the study also revealed that greater than 30 percent of the web sites offered the service of e-mailing statements or passwords to their consumers.

The web sites of more than a staggering two hundred financial establishments that were part of the conducted study (greater than 75 percent of the web sites) were found to have at least one flaw in their design that can considerably jeopardize the data of the consumers.

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