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Thursday December 31, 2015

2016 Reality: Lazy Authentication Still The Norm

Although this article mainly focuses on PayPal’s less than stellar authentication system, the truth is that many financial institutions in 2016 are just as bad. frown If you have a PayPal account, you really should read this article.

My PayPal account was hacked on Christmas Eve. The perpetrator tried to further stir up trouble by sending my PayPal funds to a hacker gang tied to the jihadist militant group ISIS. Although the intruder failed to siphon any funds, the successful takeover of the account speaks volumes about why most organizations including many financial institutions remain woefully behind the times in authenticating their customers and staying ahead of identity thieves.

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