E-banking is still open to threats

By Wang Zhenghua (China Daily)
Updated: 2007-01-05 10:32

The vulnerability of China's online banking system has once again been put under the spotlight after the website of the country's largest commercial lender was compromised by hackers. They posted their own programs on the website for free download.

The Industrial and Commercial Bank of China (ICBC), which outranks HSBC, the world's second largest bank by asset value, is trying to pacify customers who have expressed concerns about potential risks in the bank's Internet service.

How to safeguard e-banking users from online theft has become an urgent task not only for the ICBC but also for all other Chinese lenders.

Experts have warned that online banking safety issues could become more complicated as the service is extended to more customers.

IT specialists are calling on the government to set up an independent body to implement a certification system that is designed to resolve disputes arising from breaches of online banking security. They also want the government to enact stricter laws to discourage hackers.

Online banking involves performing transactions, payments and other businesses over the Internet through a bank's secure website.

Compared with traditional methods, online banking can be very useful, especially outside banking hours as long as Internet access is available.
12345  

(For more biz stories, please visit Industry Updates)