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.
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