Re:Phone numbers are not proper verification
by tomhoward on Monday January 16, 2017 @07:51AM
(#13409662)
I'm also old enough to realise that patterns of conduct across global industries like this, don't emerge for purely dumb reasons.
"Don't bother to invest" could be a cynical way of saying they can't justify the financial cost, personnel commitment, organisational upheaval and multi-dimensional risk to adopt the new infrastructure.
But it's not as if they're sitting around doing nothing; all the banks have vast teams of people constantly maintaining and improving their software and infrastructure, doing whatever is necessary to minimise losses and maximise gains.
Those who don't do it enough or do it right go out of business.
Do you really believe that? I was just reading someone comment's on Reddit yesterday about him working for a bank that only recently stopped working with credit card number transfers in the clear...
Some if not most of the banks just use ancient technology for the same reason most other big corporations do - they don't really "get" the security "value" so they don't bother to invest hundreds of millions of dollars in new infrastructure.