Adobe allays update fears

Fraud detection policies implemented by banks, particularly that of their online banking sites, will not be affected when Adobe Systems updates its Flash Player software and makes disabling the storing of cookies on personal systems easier for users, says ZDNet Asia.

According to Gartner's vice-president and distinguished analyst, Avivah Litan, browser cookies on local clients such as PCs have been used by banks and e-commerce companies to aid in fraud detection. Via cookies, these organisations are able to identify 'good PCs' when users log into their online accounts, Litan explained.

This will no longer be viable when Adobe releases its Flash Player 10.1 update as the software will come with clearer, easier-to-use privacy mechanisms to enable users to turn off the storing of cookies on their PCs, she noted.

Growth of mobile banking in Kenya calls for increased security to curb potential threats of fraud, writes the Daily Nation.

Several banks have signed up with mobile money transfer service providers to tap the growing penetration of mobile phones, currently estimated at 20 million.

Meanwhile, the roll-out of high-speed Internet has also exposed Internet banking to cyber criminals, as the industry curves out a niche in the global financial markets anchored on technology.

“We must now create a capacity to develop cyber security for the banking sector, because that is where the real threat lies,” said Dr Bitange Ndemo, permanent secretary in the ministry of information and communication.

The Royal Bank of Scotland is cutting around 500 back office jobs at its wealth management division as the introduction of new technology streamlines business processes, states Finextra.

The jobs will go at Adam & Co and the Queen's bank Coutts over the next three years, says part-nationalised RBS, which employs around 3 500 in wealth management.

RBS says there has been under-investment in its IT systems over recent years, prompting it to move all wealth management brands onto one core banking platform from Swiss vendor Avaloq, streamlining and simplifying multiple systems and processes.