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Bankers Find Phishing To Be Scam No. 1

Computer users are still being victimized by the "outdated" methods of data thievery, and safeguarding account details is the major worry for U.S. banks, as stated by an April 12, 2007 article by Boston-founded consultants, Aite Group LLC.

The document, titled The State of Online Banking Security, recorded results after an inspection of 21 of the best U.S. retail banks in March.

Although most of them announced no growths in phishing scams in their cyber banking passage, 39% admitted to a few cases, resulting in some losses.

According to the report, almost 71% bankers concurred that even though common high tech frauds like phishing scams "are infamous in this sector and are progressively gaining disrepute within the masses," scam figures still indicate the necessity to get the clients more acquainted about it.

"Although the news is somewhat old, amazingly there are several clients who get defrauded by phishing," stated the report's co-author Gwenn Bezard, director at Aite Group research, in an account released on April 17, 2007 by BankNet360.

Nearly 65% are worried or exceedingly apprehensive about the kind of expertise that is being applied to perpetrate the phishing scam, the likes of malicious software, Trojans, and many others, as per the Aite analysis. The risk of data forfeiture through phone scam was the least of the bankers' concerns, with just 38% considering it as a source of worry.

About 62% of the responders informed that they would probably or most likely change or establish an ID-confirmation system in the next batch of new-accounts being opened in the coming two years.

It is perfectly logical that banks are devoting closer scrutiny on confirmation processes, as a sizeable share of identity theft starts during the registration process, alleged Terrence DeFranco, Bethlehem, Pa.-founded, front-end identity-verification company Edentify Inc.'s chief executive, in a report issued by BankNet360's April 17, 2007 edition.

There are about 2.1 billion identities in USA corresponding to roughly 250 million Americans. Out of the over 500 million identity verifications processed by his company, just 0.5% -- or 2.5 million have been proved to be bogus, DeFranco appended.

Related article: Banker Trojans, the Worst malware in Q2 2008

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