While the commercial banks have made efforts to secure online banking for individuals, most transactions take place from their clients` place of work and these locations remain vulnerable to hacking attacks, says Symantec.
The recent compromise of 10 Absa online banking accounts in the Western Cape has raised concerns about the security surrounding online banking practices in the country. At least three of the top four commercial banks responded by offering upgrades to their Internet banking security, including free firewall and anti-virus software, keypads to avoid key-logging software and SMS confirmation of transactions.
However, over 80% of SA`s Internet usage occurs during normal working hours, implying that most of the access takes place from work rather than at home.
"The big problem is that medium-size businesses remain vulnerable as they cannot access the free software and don`t have the infrastructure to install the complex firewalls and anti-virus systems that the large corporations put in," says Patrick Evans, Symantec regional manager for Africa.
The software licences that banks such as Absa and Standard Bank have allowed their clients to download are single user and imply the person will do their Internet banking from home.
"Many people prefer to do their Internet banking from the office anyway, because there is a perception that it is safer there," Evans says.
He says that even the current offerings of anti-virus and firewalls are not enough to ensure risk-free Internet banking.
"Also needed are application blockers and spam filters to ensure that the machines are as secure as possible."
The issue of educating the end-user also needs to be addressed. "While some attempt has been made to install call centre help, it may be not enough as the end-users have to be updated on the latest vulnerabilities and threats to their systems," Evans says.
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