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Go2 Bank is the first major US bank to take steps to mitigate the vulnerability of its password-based login system.
On Thursday, the company released a statement saying it would implement password policies for all accounts on the Go2 platform.
“As a leading provider of banking services to our customers, we know how important it is to protect the information we hold on them.
We have implemented a comprehensive password policy that protects our customers against this type of attack,” a Go2 spokesperson told The Huffington Post.
Go2 bank’s password policy is meant to protect customers from the type of password theft that occurred in January, when a hacker compromised the login information of nearly one million accounts on its platform.
In that case, the hacker gained access to the bank’s database and used it to log in to customers’ accounts without their knowledge.
“As part of the ongoing efforts to enhance the security of the Go4Go platform, Go2 Bank has announced it is implementing a password policy to protect users from this type and other forms of data theft, which have occurred recently,” the bank said in a statement.
In January, the National Security Agency (NSA) was able to hack into the systems of at least 20 banks in the US and Europe and stole customer credit card numbers and other financial information.
According to the company, the password policies on its website will help customers mitigate the risks of identity theft.
At least one US bank has already implemented a password policies that are more stringent than those in other banks.
The FBI is also investigating the hacking incident.
It is unclear whether the password policy will have a similar impact on the banking industry as it has for other major US banks.
However, it does raise the question of how many banks in other countries, including in Canada, Australia, New Zealand and other places, may adopt similar password policies.
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