By Lucy Sherriff for The Register.
This article has been reproduced with permission.
The researchers found that anyone using the attack would have
guaranteed access to an account within nine tries, The Guardian
reports.
The researchers, who plan to publish full details of their
findings in security journals later in the year, have so far only
divulged that the vulnerability would mean a machine compromised
with a key-logger would quickly reveal all the information a
criminal would need to gain fraudulent access to an account.
Professor Antonia Jones, the computer scientist who led the
research team told The Guardian: "As long as this flaw
exists, customers are at risk. For banks or institutions that are
making huge amounts out of their customers not to protect them is
pretty scandalous."
HSBC, meanwhile, says it will review its security procedures in
light of the disclosure, but described the vulnerability as "a
supposed flaw" which it had never seen criminals use.
It added that the attack was "extremely sophisticated" would
have to be very focussed on one individual, would therefore be
unlikely to be particularly profitable, and thus was an
unattractive approach.
In a statement, it said: "Online fraud via HSBC's internet
banking system is substantially lower than the market average and
we are satisfied our customers are adequately protected."
However, the other security experts warn that if the attack were
to be automated, accounts would be very vulnerable. The Cardiff
researchers add that once the loophole is spotted, it could be used
to access accounts very simply.
© The Register 2006
