Explore the latest news and trends  

Sign up for our weekly security newsletter


Be the first to receive important updates on security





Send

New Code Shifts Onus of Protection from Bank Fraud to Customers

New voluntary Banking Code of the UK could hold banking customers operating online responsible for losses from their accounts if they do not secure their computer with up-to-date anti-spyware and anti-virus software as well as with a firewall, according to researchers at security firm Finjan. Vnunet published this on April 17, 2008.

Finjan declared that the Code specifies the need of Internet-based banking customers to show that they are working with reasonable care while conducting transactions.

Chief Technology Officer, Yuval Ben-Itzhak, said that sections 12.9 and 12.11 of the new code make online customers responsible for taking adequate care and for ensuring that they have up-to-date anti-spyware and anti-virus software. AbsoluteGadget published Ben-Itzhak's statement on April 16, 2008.

Ben-Itzhak said that if customers do not ensure these protections, they might themselves be blamed for any loss arising on their account. What this means is that business customers must examine their IT security systems and make sure that they deploy appropriate solutions to safeguard their IT resources.

Meanwhile, the current method of tackling online banking theft potentially allows banks to reject claims on account of online fraud. Therefore, business customers must adopt this method for IT security, otherwise they might have to fight a mounting battle in recovering lost funds in an incidence of e-fraud.

The recent code has generated a number of concerns for banks and customers alike. Detica, a technology-consulting firm, warns that several UK banks do not have adequate measures to adhere to new codes relating to the management of consumer debt.

A spokesman representing the British Bankers' Association said that even though all fraud cases would be analyzed in terms of the specific situations facing them, customers would not be asked to do anything, normally not expected. As banks begin to seek customers to adopt reasonable protection, some of them might even provide customers with anti-virus solutions.

But new study from Point Topic shows that just 8% of consumers feel guarded using their home PCs. Further, while 78% of consumers reported using anti-virus software, only 53% use a firewall. This is down from 85% and 56% respectively in the previous survey.

Related article: New Zealand Releases Code To Reduce Spam

ยป SPAMfighter News - 4/22/2008

3 simple steps to update drivers on your Windows PCSlow PC? Optimize your Slow PC with SLOW-PCfighter!Email Cluttered with Spam? Free Spam Filter!

Dear Reader

We are happy to see you are reading our IT Security News.

We do believe, that the foundation for a good work environment starts with fast, secure and high performing computers. If you agree, then you should take a look at our Business Solutions to Spam Filter & Antivirus for even the latest version of Exchange Servers - your colleagues will appreciate it!

Go back to previous page
Next