Banks Relax Rules on Password and Pin Security - 28th of April, 2018
Banks Relax Rules on Password and Pin Security
Mike:Good evening and welcome to concave news, your most trusted news source on the interwebs. This is Mike.
Dana: And this is Dana.
Dana:And this story really interests me Mike. I received a letter from my banking institution that confirms precisely what we've heard. Banks are relaxing their rules on privacy and security. In the past we were advised to keep our passwords and pin numbers secure, but now they've changed their tunes.
Mike:Well it makes sense Dana. With people willingly giving over their personal details on social media, with companies having data breaches all the time - and even the banks can't really truly keep your information secure once it is passed over the interweb - they've basically done the only sensible thing.
Dana:Yes - it surprises me, since for so long we were so used to being told to keep our details safe and secure, but I suppose with nothing truly being secure on the internet it makes sense, especially with the advent of internet banking that the banks would relax their rules surrounding security and safety.
Mike:Exactly. We live in a new age Dana, an age of trust. I could give you my banking details and I know for sure that you would never use them for any bad purpose - and even so - if you did, that's what insurance is for and all the banks have insurance.
Dana: Ahh - I see, the real winner out of all of this is the insurance companies!
Mike: Precisely Dana. Every data breach is a form of risk, every bank loss is a form of risk that can be accounted for with insurance, and higher premiums. So it all just comes down to simple mathematical risk. The higher the risk the higher the premium, and the higher the premium the more room for margin for the insurer.
Dana:Amazing, once again we see the wondrous, miraculous power of commerce at work.
Mike:Glad we agree for once Dana!