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ECT News Community   »   E-Commerce Times Talkback   »   Re: Phishing Liability Concerns Online Banks

Re: Phishing Liability Concerns Online Banks
Posted by: Gene J. Koprowski 2005-09-09 09:18:40
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For the last year or so, online financial institutions and their IT consultants -- as well as consumer interest groups -- have focused on fixing security, adding authentication and encryption and other technologies to forestall scammers. But the phishing plague continues. Now, experts tell The E-Commerce Times, banks may soon be on the hook for financial losses by customers if they cannot secure their online stores.

Re: Phishing Liability Concerns Online Banks
Posted by: paul_lozon 2005-09-09 09:23:07 In reply to: Gene J. Koprowski
It is definitely up to the banks to secure customers online accounts. But that is not the whole story. It is also up to the customer to be aware and to take proactive measure to secure there identity when doing financial transactions online. One step is to subscribe to a service like Anonymizer to prevent these ghastly mistakes. Organized crime has created a business model around hacking. Services like Anonymizer help protect me from malicious phishing and pharming attacks as well as other malware tools. Anonymizer is a neat little program that hides my IP address when I'm surfing the Internet. This means nobody can tell what IP address my Web connection originates from. It also creates an encrypted link to the Internet using 128-bit SSL technology. Of course not foolishly giving out your personal information blindly is the first major step in self protection. Until a hacker creates an attack with artificial intelligence, I think this is the best way I can protect myself . . . barring abstinence from the Internet? It's also up to the banking industry to beef up there security. The whole point of online banking is not only for customer convenience but also to lower overhead costs. If the banking industry is losing millions of customers, don't you think it would benefit them to invest in technology like Anonymizer to protect there customers in the first place?
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