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Potentially Serious Security Flaws Found In Most Bank Websites, Including Large Bank Sites, Study Shows.

More than 75 percent of the bank Web sites surveyed in a University of Michigan study had at least one design flaw that could make customers vulnerable to cyber thieves after their money or even their identity.

Atul Prakash, a professor in the Department of Electrical Engineering and Computer Science and doctoral students Laura Falk and Kevin Borders examined the Web sites of 214 financial institutions in 2006. They will present the findings for the first time at the Symposium on Usable Privacy and Security meeting at Carnegie Mellon University July 25.

These design flaws aren’t bugs that can be fixed with a patch. They stem from the flow and the layout of these Web sites, according to the study. The flaws include placing log-in boxes and contact information on insecure web pages as well as failing to keep users on the site they initially visited. Prakash said some banks may have taken steps to resolve these problems since this data was gathered, but overall he still sees much need for improvement.

“To our surprise, design flaws that could compromise security were widespread and included some of the largest banks in the country,” Prakash said. “Our focus was on users who try to be careful, but unfortunately some bank sites make it hard for customers to make the right security decisions when doing online banking.”

Source: www.ScienceDaily.com