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Submission + - Researchers demo hack against African micro-finance accounts (scmagazine.com.au)

mask.of.sanity writes: Security researchers have shown how to raid Africa micro-finance bank accounts en masse using fake audio one time passwords.

The banks use audio one time passwords to authenticate users logging into their accounts, but failed to implement properly security controls across numerous systems.

Crucially the researchers did not reveal how they cracked the encryption in order to protect users.

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Researchers demo hack against African micro-finance accounts

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