Govt fuels Internet banking fraud?

Internet banking fraud continues to be an increasing problem in South Korea, despite the government's heavy-handed measures to monitor online transactions, reports Korea Times.

Now, technology experts are debating whether an overbearing government is actually at the core of the problem, rather than part of the solution.

Korean authorities have been displaying an oppressive, rule-making persona in imposing computer security requirements in past years, including mandating all encrypted online communications to be based on electronic signatures, which are enabled through public-key certificates.

Sybase 365, a subsidiary of Sybase, has partnered with FirstCaribbean International Bank, to provide customers with mobile banking services, says Market Watch.

This will enable customer the flexibility and convenience of managing their finances over their mobile phones.

The new service will give FirstCaribbean customers a more convenient way to bank on the go, without needing to visit a branch - something that is of particular importance to many without home Internet connections.

St George has apologised to customers affected by a technical problem affecting its Internet banking system, states Network World.

The bank's internal technical team has ruled out a distributed denial of service attack, but has yet to determine the cause for the "slower response" of the online service.

Earlier, the Internet banking service appeared to be intermittently inaccessible to desktop and mobile customers.