Tuesday, November 9, 2004

Cahoot security issue

You might have heard recently about a problem that was discovered after an update to the systems that power the Cahoot online banking site. I am a Cahoot customer myself and was wondering why I could not access the site, it appeared that there was some work being done but during the middle of the day which was a bit strange as any work would normally be done during the night.

It then came to light that the site was down due to some essential changes being made after a problem was discovered that allowed anyone with a Cahoot account to gain access to the account of another customer without a password, but you would need to know details about another account to gain access and it would be read only as performing any tasks would still require the account password.

Normally banks are not quick to admit to these kinds of problems and shy away from the questions even if like in this Case it is all over the news. Cahoot appears to be taking another angle by putting the message out about what happened, although no real details were provided. Generally speaking I think that is the right way to deal with it especially when the media coverage would almost certainly have spread the word quite a lot.

Maybe more banks shouldm learn some lessons and change their ways as hiding away from the truth when these things happen does not really help the situation but admitting there were problems would do. You can't solve a problem until it accepted that one exists.

Post ID: 561, posted by jase at 10:39 PM
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