Brian Krebs, the author of the Krebs On Security website, had his PayPal account hacked on Christmas Eve by a hacker who tried sending his funds to an ISIS-connected hacker gang. In an article on his website, Krebs describes his efforts to fix the problem with PayPal, but he views it as representative of the current state of security for many companies. He says many organizations, including financial institutions, are “woefully behind the times” in fighting identity theft.
In learning how the hacker had gotten into his PayPal account, Krebs found the company was relying on static identification information and continues to do so for most of its customers. This [...]