The US government is looking for ways to compromise the security of your information so they can gain access to your bank accounts.
July 23, 2019
Imagine opening your email one morning and finding this message from your bank:
Security Alert: Your Account Has Been Compromised
As you processed the meaning of the email, there would be a pit in your stomach as you worried about how much data… or actual money… had been stolen.
Bank accounts are compromised regularly. But if the U.S. government gets their way, your bank account could soon be even less secure than it already is.
Five U.S. Government agencies — namely the DOJ, Secret Service, FBI, ICE, and some of Homeland Security — want “backdoor access” to every encrypted account you currently access, including your bank account.
Sovereign Man explains:
They say a backdoor should be built into any encrypted technology so that they can access any communications they want in the course of their investigations.
“Any communications” could include your bank communications, and that means your private financial information.
Privacy concerns aside, this backdoor access would make your financial accounts far more vulnerable to hacking than they already are.
So how secure are bank accounts right now? Well, not secure enough…
recent report found 19 out of 20 major
commercial banks had a “C” grade when it comes to securing your personal
information. That report also confirmed they don’t do a good job of preventing
your information from being stolen by “man in the middle” attacks:
Its recent report found that among the top 20 commercial banks in the country by revenue, 19 received a network security grade of C or below. Fifteen out of 20 banks had an expired Secure Sockets Layer (SSL) certificate — which enables encrypted communication between the bank and your web browser — leaving them susceptible to man-in-the-middle attacks and other security threats.
This lack of security exists right now. Just imagine how much worse it would be if the government installed an easy-to-access “backdoor” in critical end-to-end encryption. The results would be disastrous.
JP Morgan Chase in 2015, hackers already got close to stealing their “white
whale” of private account information. They stole private records for 76
million customers, according to Associated Press.
Thankfully, no account numbers were stolen, but with these proposed “backdoors” installed, who knows what could happen to your data. From day one, hackers would have a heyday.
Naturally, the U.S. agencies claim this backdoor will help them do a better job of fighting terrorism. But that’s really just a smokescreen. As one source observes, a backdoor like the government wants would be “worse than futile” for stopping terrorism.
And he’s not the only one. Surprisingly, the Marines also think this “backdoor” is a bad idea:
This would be misguided. It would not remove the ability of terrorist groups to access this technology and may push them to communicate in ways that are more difficult for Western intelligence agencies to monitor. By creating vulnerabilities in online tools used by a very large number of Americans and other users around the world, it would also expose the broader society to increased security risks.
Luckily, for now, you only have to deal with “grade C” security at commercial banks. But if the U.S. government gets its way, you might soon have to deal with greater security risks than ever before.
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