For those of you who didn’t catch the full significance of Jon Warner’s GPS Spoofing demonstration, consider that GPS timing information is crucial for the financial industry:
“Banking institutions and Foreign Exchange networks rely heavily on precision timing so a stock order placed on one side of the globe can be received almost instantly in New Yorks, Wall Street, at the same market price, without losing any valuable data along the way. Timing, synchronisation and security are paramount when dealing with digital monetary transactions, where great losses could be sustained if any data is lost, or 2 points do not synchronise simultaneously.” – Wikipedia, “GPS Timing”
For less than $1,000 of off-the-shelf equipment which fits in the trunk of a car, anyone can forge GPS timestamps. If you’re within a half mile or so of a GPS receiver that is used by the financial industry, you could cause major meltdowns that would be difficult, if not impossible, to trace. How many GPS receivers exist within a half mile of Wall Street? Good question.