Computer Crime Research Center


Phishing: security of online commerce

Date: July 25, 2005
Source: ZDNet Australia
By: Steven Deare

The Australian Bankers Association is still grappling with two-factor authentication for Internet transactions and has almost hit a "brick wall" in its anti-fraud efforts.

Last week, major Australian banks gathered in Sydney with the Banking and Financial Services Ombudsman to discuss the security of online commerce in a closed-to-media event organised by the ABA.

The issue of two-factor authentication, which requires two forms of identification, was a major talking point throughout the conference, attendees told ZDNet Australia . National Australia Bank and Bendigo Bank currently offer such security to customers, utilising SMS and password tokens as additional protective measures.

The added layers are meant to combat a continued rise in phishing and cybercrime attempts on bank customers. Some Australian banks have fallen victim to copycat Web sites whereby phishers record the login details of unsuspecting clients.

Microsoft chief security adviser Peter Watson, who attended the conference, said there was concern at consumers' reluctance to conduct transactions online due to the perceived risks.

"They now recognise it's a credibility issue," he said of the banks. "It affects their ability to take more transactions to their customers. It's causing banks costs."

ABA members had realised they were increasingly dependent on the security levels of their customers, according to Watson.

"The banks are almost at a brick wall [stage] with security," he said.
Original article

Add comment  Email to a Friend

Copyright © 2001-2013 Computer Crime Research Center
CCRC logo