Microsoft Disclose Improved Online Banking Security Measures

In an address at Stanford University, Microsoft outlined its ideas to improve the security of online banking by adding a display and set of buttons to a smartcard reader or USB token.

David Steeves, a Microsoft researcher and security software engineer outlined his ideas:

• Displaying details of the transaction being carried out by the user next to the smartcard reader or USB token on the bank’s website.
• The smartcard reader or USB token are described as a “trusted device” which for online banking can be used as an additional security device.
• In order to approve a transaction online bankers would have to input a specially-generated code into a box on the website.

Mr Steeves stated: “Users are working on the Internet and banking insecurely, except when they have to approve a transaction, they reach and hit accept on the trusted device”