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I think you make a good point about IBM. It echoes a similar point that I make about competition and innovation being regulated out of the banking sphere, so any solution has no chance to emerge. IBM would solve that problem, in principle.

There are distinct parallels between phishing / retail payments, and the bigger investment mess. In both cases, banks would argue these are core business. In both cases, they have applied risk-based security models, and accepted some loss. In both cases, they have the ability to apply substantial experience to the monitoring, allocating and absorbing risks and losses.

In both cases, they watched and did nothing as the risks started from low, and migrated upwards. Are we at the point where regulation has killed the ability of banks to apply their (arguable) one core skill, to whit, risk-based analysis? Are banks that far out of banking that they no longer have it?

Bob Haugen

Try that link ( https://financialcryptography.com/mt/archives/001093.html )

I get an untrusted certificate error for some other site altogether. What happened?


Ah, certificates. What a nuisance. In this case, the CA that issues that certificate is not in the list of your browser. This doesn't mean it isn't trusted; quite the reverse: I trust it, but your browser does not.

Now, you could argue that the browser is right ... in which case I would respond, if the browser can correctly identify the sites, why did phishing occur? And on and on ... until we get to the description posted above.

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