Too Big to Not Fail
I recently contacted my investment broker to tell them that I needed a new Token to sign in to my measly account because the battery died. I use Tokens instead of mobile banking apps or “two step” online verifications because Tokens are infinitely more protective of my account. The type I have is called a “disconnected token” and is one of the most secure ways to access my account online to make trades, get balances, etc. Here is how it works.
After I log in with my credentials (Step 1) I grab my keyfob token and press the little button (some have fingerprint ID) (1) that generates a 6 digit code. The token has no wireless connection that can be intercepted.
That code is time sensitive with the client server (my bank) and if it matches up with their codes, I pass the 2nd step of the login process. You don’t need a phone (hackable) and you don’t need wireless (hackable) or web generated code (hackable). The code disappears after logging in so even if people get it they cant use it, assuming that the stupid ass bank (see below) knows that only one active login is allowed per generated code.
I love my little token because it is one of the best ways to provide “secure” access to bank accounts online. But, the battery died and I had to get a new one. So, I called the tech group of this huge investment bank whose name reminds me of the last head of the WEF. What he told me floored me, but was not unexpected in a world gone mad.
The man I spoke with said they were moving away from the safe and secure disconnected token key fob and wanted me to get their “app” generated authentication code instead. They actually tried voice recognition for a while, which apparently was a dismal failure because I am no longer prompted to do that. As if I needed to tell them that the voice based system recommended by their dumbass IT group was also going to be completely hackable and that AI robocalls record voicemail greetings to learn your voice.
I told my tech savvy agent in no uncertain terms that I wanted the physically disconnected token instead of a hackable software version. He apparently didn’t know that he was speaking with a near Luddite, so I nicely explained to him that their new system would reduce the security of my account. His response was chilling.
He said they were moving entirely to digital internet for account access authentication not for my protection (which he agreed tokens were better than an internet or app based authentication since malware can capture keystrokes of login credentials) but because it improved their profits. But, I told him, it comes at the much higher cost of their customers sense of security for their life savings. Not to mention a real hack into my life savings. In a financial institution with $10T under management.
No matter in a world gone mad when too big to fail will assuredly fail.
The cost of physical tokens for a bank of this size might be $10 or less. Maybe a lot less. But, the IT webmasters that will soon to be out of a job because of AI, have told management that using a software programmable option online is even cheaper. And, that exposes the short sightedness of Corporate America that is embracing digital over all else, including human employment.
The point of all this is that we are all unwittingly being pulled into a possible maelstrom of economic collapse not necessarily from our insane debt but because of an internet infrastructure destined to fail.
Back in the 1960s, CEOs would fire people instantly that wanted to move their highly sensitive corporate, employee, customer and financial data to 3rd parties out of their direct control. Now, we are rushing to an economic Gomorrah operating under the fake friendly childish name “The Cloud” that does exactly that.
Insanely, even credit rating organizations and bureaus like Transunion that are entrusted with the most financially sensitive data on the planet and should have Ft Knox level protection move to a third party called “The Cloud”. You know, that safe and secure place in the ether.
Well, this is what happens when Transunion lets 3rd parties have access to their databases. Did you get your "event" letter from Transunion?
Ransomware hackers are probably asking for $5M in cryptocurrency to stop them from releasing the Transunion data to the Dark Net. The problem for corporate America and Transunion is that after they pay the coder kids without morals (companies can get insurance on "ransomware" from the their equally stupid insurance carriers that insured mortgage derivatives in 2008), you never know if they will release the data anyway. So, many just weigh the risks and just don't pay. And, then their problem is passed on to us.
So, what happens? The IT dumbasses that created this world for the equally dumbass CEOs that bought their "safe and secure" internet lies place ever more difficult hoops on us just to contact them by phone. But, when it comes to their back office protection that Corporate America relies on, they fail utterly.
The people in power over our government and economy have the wisdom of children now.
“Progress is not moving forward in the wrong direction”
Anonymous
This all is happening at Warp Speed because the partnership of Corporate America and Government are moving full speed ahead into an inherently unsecure online world to save pennies on the dollar to improve their profits by risking our money.
Unless we find a way to stop them on their road to the total digitization of our economy (and our lives) they will get our money. And, our freedom.
Postscript. After my complaints about moving to online apps for account access, the bank I still do business with said they would make an exception in my case and send me another $5 code generating token. Until the lights go out on that token. Or, in the Banks we do business with.
I suggest you ask your bank for the same level of protection if you do online banking. Better yet, avoid online banking if you can. They won’t change our trajectory unless enough of us push back to a world when much wiser men ruled the day.
(1) I don’t use fingerprints anymore since mine all disappeared after my 7th mRNA booster.
Sic Semper Tyrannis
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