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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,Continue readingPhishers Force UK Banks To Delay Transfers

Phishers Raise The Bar

Phishers can now access banking websites that use an extra ‘keylog-proof’ security layer. For several months phishers — folk fooling you into giving up valuable passwords — have used keylogging software which will capture passwords and user names as you type them into banking and other financially-oriented sites. But these aren’t much use against websites that use extra layers of security that don’t require the user to type anything, but instead click on something. At Britain’s Barclays bank, for example, users are required to select from a list two letters matching a pre-selected secret word. Keyloggers aren’t any use against this, since there’s no keyboardContinue readingPhishers Raise The Bar

Counting The Cost Of Online Crime

Phishing is beginning to bite. British police at a high-tech crime congress (noted by USC Annenberg Online Journalism Review) say that 83% of Britain’s 201 largest companies reported experiencing some form of cybercrime. The damage has cost them more than £195 million ($368 million) from downtime, lost productivity and perceived damage to their brand or stock price. Much of the damage is being done to financial companies, three of whom lost lost more than £60 million ($130 million). Phishing has hit banks like Barclays, NatWest, Lloyds TSB and 50 other British businesses, Reuters quoted Len Hynds, head of Britain’s National Hi-Tech Crime Unit (NHTCU) asContinue readingCounting The Cost Of Online Crime

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