Bank fools thieves
Japan`s Mizuho Bank and eBank, an Internet bank, have taken steps to protect customers from theft through spyware, by asking them to scramble their PIN codes.
Asahi Shimbun reports that Mizuho Bank has started instructing customers who transfer money online to enter the numbers of their PIN codes in a certain order, such as the third digit first and the fourth digit next. After the bank receives the numbers, it puts them in the proper order.
The measure is intended to thwart spyware programs, which infiltrate the computers of online customers. In such thefts, spyware reads the PIN code entered on an infested computer and sends it to the thief, who can use the number to dip into the unsuspecting customer`s account.
If the Mizuho PIN code is stolen by a spyware program, the thief will only have the code in the wrong order.
Banks also limit the number of times a person can enter a PIN code for each transaction, which makes it difficult for thieves to guess the proper sequence.
PIN printing raises concern
The PIN numbers of millions of consumers are being put at risk by shoddy printing, security experts warn.
According to a BBC report, bright lights and easy-to-use software helped University of Cambridge researchers defeat tamper-proofing on letters telling people their new PIN.
The researchers fear the security lapses could put consumers at risk as the UK adopts chip and PIN technology, but the banking industry has played down the risk and says little fraud is perpetrated by this method.
Rush to go online
The number of Australian institutions offering online savings accounts has soared, with 10 new players joining the market in the past six months, says independent research house Cannex.
"The major banks have seen the popularity of online banking grow in the last 12 months and obviously see the development of online banking accounts as an important strategy to retain customers," Cannex chief executive Andrew Willink is quoted as saying in a The Age report.
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