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“Loopholes did not cause online banking thefts”: ICBC

A denial was issued by the Internet and Commercial Bank of China (ICBC) regarding any security weaknesses in its online banking system that could be blamed for online banking thefts and loss of customers' funds.

Compensation demand was made by almost 200 online banking facility customers with claims of having lost as much as $48,000. The question about ICBC's security in its online banking system arose due to an alliance formed by the customers who filled a lawsuit, dragging the issue it to court.

The current numbers of online banking customers is 20 million. Suggestions have been proposed by experts for improving the security of the online banking system in China. The idea is to urge customers to avoid online banking due to security concerns.

The organizer of the customer alliance made an announcement on its website threatening a collective lawsuit demanding compensation for the losses made possible by the flaws in the online banking system, taking the bank to task for its infringement of customer rights.

The accusation made against the bank is the fallout of its inability to make provision for a safe online banking solution and failing customer protection against hackers. The web site lists the details of all the victims including the monetary loss with the biggest loss of $48000 incurred upon Pang Feng, a resident of Shanghai. There's also a wanted notice on the website for a man in his 30s, who is the prime suspect involved in the case. He is suspected of theft of almost $53,000 from ICBC's online banking system.

There is a dramatic variation in the bank's version of the imbroglio. It has claimed that the only blame for the theft should be on the customers owing to their carelessness in protecting their passwords and credit card numbers. The losses are termed isolated cases. It consequently made it clear that loopholes in their online banking systems were impossible.

An ICBC official declared that no hacker has succeeded in gaining access to ICBC's online banking system. Police investigations showed that the cases of online deposit stealing were primarily caused by disclosure of customers' personal information. The bank uses effective security measures to thwart online thefts by means of updating firewalls, real-time scanning and encryption. Unfortunately a number of customers do lack awareness regarding prevention of theft.




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