MoneyExpert: ‘Banks Need To Increase Security’

A number of banks are not protecting their customers from online fraud attacks, according to a new report.

Heise security, which published the article, focused on the problem of phishing, where customers are sent a fake email posing as one from their bank.

The email asks them to provide passwords and other private details about their account, which criminals can then access.

However, Heise found that four out of seven online banks have not increased their security although they are aware of the risks posed to their customers.

It conducted a test where the banks’ online banking pages were replaced with fake ones and found that Cahoot, First Direct and the Bank of Scotland have failed to take adequate security measures that would make this kind of attack impossible.

“It is in the banks’ own best interest to help their customers feel safe and secure when banking online,” Heise stated.

Heise continued, stating that by being open to phishing attacks, internet banks had “ignored some of the most basic security measures that every web developer should be aware of”.

It was also found that while the Bank of Ireland and the Link have taken action to prevent this type of security breach from happening again, Natwest’s efforts have not been enough and it is still open to attack.

According to internet intelligence firm Envisional, one bank was recently attacked by phishers up to 350 times in a single day.

This article: © Moneyexpert Ltd.

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