Phishers force banks to delay payments
John E. Dunn writes on TechWorld.com:
Four of the UK’s largest banks have started delaying the time it takes to make an online bank transfer in an attempt to clamp down on phishing fraud.
At the weekend, The Times named four banks - Barclays, NatWest, HBOS, and the Royal Bank of Scotland - as having introduced new procedures for transfers between bank accounts at the same bank. There are already natural delays for transfers between different banks, so it is believed phishers had started using local accounts to speed the theft of funds before fraud could be detected.
posted by Fergie @ 5/17/2005 06:20:00 AM
3 Comments:
Funny how banks will use even their own faulty security as an excuse to hold on to people's money a little longer.
Recently I tried to log onto my bank to make a transfer from savings to checking, but there was a little window showing a small bit of a new online agreement which I was supposed to accept or decline. I started scrolling through it, but it went on & on, so I printed out all 9 pages of it. After reading it over I decided I had better decline, but then I could not log into my account! Grrrr... How dare they do that to me w/o any notice or giving me time to decide? What if you walked into your bank and they would not let you do anything with your money until you signed a new contract? That's blackmail IMHO...
Sorry stiennon but did you even read it? It quite clearly says "introduced new procedures for transfers between bank accounts at the same bank".
So they aren't really holding on to your money, as they would have it anyway when it's transferred across to another account at their own bank.
Banks have very little control when a phisher registers a domain name, rips off the official site design and hosts it all on a trojanned PC that's connected to the internet by an ISP who really doesn't care.
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