Save $7.2 Billion with PhoneFactor

Posted  January 28, 2008 By Steve

Jackson Shaw writes an interesting piece about the stunningly large loss over at Société Général last week. It is a pretty amazing story. Jackson’s opinion that a decent two-factor authentication system would have gone some way toward preventing the loss is compelling.

Money quote:

…Mr. Kerviel (the fraudster) used the computer log-in and passwords of colleagues both in the trading unit and the technology section” to help cover his tracks.