One-Time Pads To Protect Electronic Bank Access

dummkopf writes "CNN reports how Scandinavian banks issue one-time passwords to protect customers' accounts when these use the same password for other, i.e., more insecure email accounts. Having a bank account in the U.S. (with a trusted and well known Bank OF nAtional reach) I always wondered why the security was soooo poor: while it has changed slightly now (better usernames/passwords) it used to be the case that your username was your SSN and your password a number code (!). I am sure most of you will agree with me that this is scary... I live now in Switzerland where one-time passwords for online banking are a must and where my current bank is one of the 'crappy' ones with a little card with one-time passwords like mentioned in the CNN Story. The nicer ones even give you credit-card-size RSA password generator which is combined with a calculator you can keep in your pocket. Hence my question: are others also worried about poor security of online banking in the U.S.? Are there banks which are better than the ones mentioned above?"

Comments

Re:Nothing New.

[MisanthropicProgram]

Banks in Germany always required you to have: ...
day haf vays of making talk..

Sorry, I couldn't resist! So, much for my Karma.

-1, Eurotroll

[Gothmolly]

I live now in Switzerland

and

Hence my question: are others also worried about poor security of online banking in the U.S.?

I, for one, have never had my bank account hacked into, stolen, or misappropriated. Heck, they've never even fscked up a check. Go back to Europe, with your womb-to-tomb welfare, and oh yes, "free" RSA-style ATM cards. (where do you think the money comes from for all this? That's right... YOU)