Fraud Standing Firmly in the Way of Online Banking

Fraud Standing Firmly in the Way of Online Banking

Posted by John B. Frank Tuesday, June 2, 2009

In my ongoing onslaught of recent stories about the lack of security involved with online banking, and the repercussions of such, I bring you this story from yesterday's Crains Manchester.

BTW: This is just the beginning of the fallout. It will get worse and more people and more businesses will pull back from online banking because of security fears. Just read today's postings if you disagree. Or at least read between the lines.

There's only one way to secure financial transactions and that is outside the browser space.

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Fraud fear turns firms off online banking - Crain's Manchester Business

Fraud fear turns firms off online banking
By Michael Fahy

Greater Manchester's businesses are rejecting online business banking because of the risks involved, according to accountancy firm Saffery Champness.

The firm said the risk of online banking fraud, which increased by 132 per cent last year to £52.2m according to industry association Apacs, is putting SMEs off from using online account facilities, despite being encouraged to do so by the high street clearing banks.

“Bosses are suspicious of online banking because this key control is often unwittingly removed when access to online facilities is delegated to another person,” said Simon Kite, a partner in the Manchester office of accountancy firm Saffery Champness.

“The shocking thing is that banks will only compensate a business for losses if the directors can show the bank has been negligent with its online banking facility.

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