University Researchers Find Hole In HSBC

Researchers at the School of Computer Science at Cardiff University showed that with the help of keylogging software, they were able to access HSBC bank accounts in nine attempts. Although security experts agree that no system is completely secure, the announcement prompted some to call for tighter security at the financial institution. Michael Panhallurick of the Risk Advisory Group said, “Nine attempts suggests that HSBC’s system is not robust enough.” A spokesperson from HSBC said that the problem does not present “a viable route for fraudsters.”

Online thieves, he said, would be better off spending their efforts elsewhere rather than gaining access to individual accounts. Still, officials from HSBC said they would review their security procedures in light of the announcement.

BBC, 10 August 2006