HSBC accuse other banks employing greater online security measures of 'arms race' [Rant]

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Unbelievable! A senior HSBC boss has effectively scolded other banks for improving the strength of their online security systems. Why? Because it makes HSBC’s (and some other banks) simpler security systems more attractive to phishers and other scammers.

What?? You’re having a go at banks for trying to protect their customers and their own money from illegal activity, much of which is used for highly questionable activities? Excuse me Mr HSBC, you’re rich (obnoxiously rich) – why not improve your own systems instead of whining about other systems making yours look like a poor and easy target?

ZDNet report:

HSBC has criticised competitors using two-factor authentication, claiming that such tactics encourage hackers to target banks that haven’t implemented similar measures.

Brendan Pickering, group head of fraud technology at HSBC, said that two-factor authentication would only resolve fraud and security problems for a short time. Better a short time than none at all.

However, he then seemed to admit that the reason HSBC haven’t seemed to do much is that ‘they haven’t had the same problems as other banks’. That’s rich! So, just because you haven’t been targeted much, you’re having a swipe at banks that have? Please!

Online banking needs evolving security, as does much online activity that needs to be secure, but I don’t see the benefit in having a go at banks for trying to protect themselves. Why not sort your own systems out, HSBC, so that your bank isn’t so attractive to cyber-criminals, instead of moaning about other organisations’ systems?

Andy Merrett

One thought on “HSBC accuse other banks employing greater online security measures of 'arms race' [Rant]

  • Encouraging such discussion can attract the hackers,its better for HSBC to check their own rather than pointing finger to others.

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