Internet banking security New measures combat evolving threats

Short Description
According to a Pew Internet & American Life online banking survey released in 2005, 44% of Internet users, or 53 million people, use online banking. That is a 47% increase over the number of people who used the Internet for banking in 2002. Because of rising usage, the danger of fraud and theft is escalating.

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Content
Five years ago, information theft on the web was accomplished mainly using modified software that captured keystrokes, mouse clicks or screens. These techniques quickly paved the way for more creative e-mail related schemes.
One such scheme, “phishing,” involves sending an e-mail with a link to a fake web site that asks for personal identification information. Even newer methods include Trojan horses and spyware designed to discreetly infiltrate the user’s computer and steal information as they access web sites. Today’s “malware” (malicious software) can steal IDs and personal identification numbers (PINs) and collect much more information than previous spyware.
From May 2004 to May 2005, 1.2 million consumers lost $929 million due to online fraud schemes such as phishing, reports Gartner, the technology research and consulting firm. Symantec, in its 2006 Internet Security Threat Report on Phishing, notes that nine of the top 10 brands targeted by phishers are in the financial sector. As a result, more losses can be expected as fraudsters exploit technology to its fullest, unless the financial services industry can stay one step ahead of them.
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