73% of PlayStation Network Users May Have Compromised their Banking Information

The PlayStation Network data heist may be the largest such crime in history, according to some sources. The Japanese electronics giant admitted yesterday to losing control of account details for 77 million people. Addresses, names and even passwords were compromised. Sony also warned that credit card data may have been stolen, although they have not confirmed that at this point.

Even if credit card data was not exposed, the Sony hackers have received more than enough data to gain access to banking information for millions.

If you do your banking over the phone, odds are that the representative will ask you several questions in order to verify your identity. Name, address, phone password, email address, date of birth...that kind of stuff. Many PSN subscribers may have lost enough private data that an enterprising hacker would be able to successfully impersonate them.

And the fraudsters may not even need to work that hard. A Trusteer study in 2010 found that 73% of people use their bank password everywhere. Which means a huge portion of those stolen PlayStation Network passwords are also stolen bank account passwords. By losing access to password, email, name and location data Sony has armed hackers with everything they need to steal from tens of millions of people.

If you use the same password for PSN that you do for your bank account, you must change it now.

The fact that Sony waited five days to inform users of the extent of the breach is inexcusable. Millions may already be at serious risk of identity theft. The instant Sony realized their password data had been compromised, they should have sent out a press release. The delay between the hack and yesterday's disclosure was irresponsibly long.

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