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News

E-banking losses through unsecured computer could be liability of user.

Finjan Software : 16 April, 2008  (Technical Article)
Banking code report brings to light the intention of banks to make users liable for losses incurred through e-banking if the computer doesn't have adequate protection.
Finjan has warned that according to the 2008 Banking Code report online banking customers may be responsible for losses on their account if they don't keep their PC secure and if they don't use using up-to-date anti-virus and spyware software and a personal firewall.

Under the code, these acts could be seen as "acting without reasonable care" by the customer.

'The new code, specifically sections 12.9 and 12.11, places the onus on bank customers to take reasonable care and make sure that their anti-virus and anti-spyware software are up-to-date. If not, they might be held responsible for losses on their online banking account' said Yuval Ben-Itzhak, Finjan's CTO.

According to Ben-Itzhak, the new approach in dealing with online banking fraud potentially gives the banks a position to reject online fraud claims upfront.

'This means that specifically business customers of banks should take steps to review their IT security arrangements and ensure that they have the needed solution to protect their IT resources,' he said.

Unless business customers adopt this approach to IT security, Ben-Itzhak said, they might face an uphill battle in recovering their funds if they go missing in the event of electronic fraud.

'And with companies typically holding thousands of pounds in their bank accounts, the ramifications of an electronic fraud are extremely serious.' he said.

Finjan will exhibit at Infosecurity Europe 2008 at booth F190 and Yuval Ben-Itzhak will speak at the Technical Stream Seminar on "How to defend your organisation in the new Web 2.0 Cybercrime world".
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