Banks must bolster security to help prevent ID fraud

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Banks must bolster security to help prevent ID fraud

Warwick Ashford

Consumer security software is failing to safeguard users of online banking from security theft, says security firm Prevx.

Account takeovers have increased 238% in the past two years, according to research released to mark the start of National Identify Fraud Prevention Week.

This increase is despite the fact that 88% of UK internet users claim to have some sort of security software on their PCs, the research revealed.

Banks need to give customers access to technology that will lock down their online banking sessions, said Mel Morris, chief executive of Prevx.

"This would mean that even if online banking customers are using an infected PC their banking details are not exposed," he said.

Researchers at the University of Mannheim in Germany have found that common anti-virus products detect only between 75% and 95% of malware.

"If online banking sessions are locked down and run in isolation, fraudsters will not be able to get their hands on account information by infecting PCs," said Morris.

This could mark a significant step forward, as criminals are currently moving as fast as the security industry, he said.


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