Phishers Force UK Banks To Delay Transfers

Another sign that phishing is taking its toll on the quality of service banks can offer online customers: The Times reports that UK banks are introducing delays in intra-bank payments to try to combat fraudulent transfers caused by phishing attacks:

This week Barclays introduced a one-day delay for transfers. A spokeswoman said: “This delay enables us to carry out checks that seek to prevent fraud.” Halifax also introduced delays in the processing of payments this week, as have Royal Bank of Scotland and NatWest, The Times reports today.

Interesting. Inevitable, perhaps, but this degradation in service can only force some customers back to the physical banks, or to less appealing and less cost-effective services like phone-banking. Running checks on every Internet transfer is going to be time-consuming and expensive for banks. What does this do to banks’ hopes that online banking would effectively replace the high street bricks-and-mortar model?

14. May 2005 by jeremy
Categories: Phishing, Security | Tags: , , , , , , , , , , , , , , , , , , , , , , | 1 comment

One Comment

  1. We have experienced the worst service ever by Natwest. They offered a 4 day wire from Uk to Us and it is now one month and and no money to be found. They say they do not have the money and don’t know where it is. My 70 year old mother is at her witts end and has lost 5,800 pounds with interest because Natwest Refuses to take responsibilty. They keep comming back with stories and lies about where the money is and each is so different not doing a dame thing. Who or what else can my mother do if these banks treat a customer this way? Reading this page i am thinking there maybe a connection to whatyou are saying. I want to file a complaint, but where does one begin?