E-banking is still open to threats
By Wang Zhenghua (China Daily)Updated: 2007-01-05 10:32
"In theory, it's safe to conduct online transactions," He Gongdao, an IT
expert, said.
"Many banks have initiated multiple protection mechanisms
such as digital certificates, the upgrading of firewalls and other safety
measures," he said.
However, He, from the Beijing Jiangmin New Science and Technology Company a computer
software and hardware producer, was quick to add that most lenders applied such
mechanisms only to the servers of their networks, but overlooked the security of
customers.
"The online bank is like a courtyard. Even though lenders make
the gate pretty firm and safe, there are many holes in the surrounding walls.
Thieves can easily enter and steal the money," he said.
The most
contentious dispute over Internet banking safety is between ICBC, and its 487
e-banking customers from across the country.
These alleged victims claim
they have lost sums up to 3.1 million yuan ($397,000) owing to ICBC's "online
banking loopholes".
Pang Feng, allegedly a customer from Shanghai, suffered the biggest loss more than 380,000 yuan
($48,700).
What's more, the number of alleged victims and money stolen seems
to be on the rise.
In August, when these victims formed an alliance to
ask for compensation from the lender, they only totalled about 200 claiming a
loss of 389,000 yuan ($48,600) much less than the current figure.
It
seems the dispute is not likely to be resolved in the near future. Last week,
alliance members in Shanghai filed a collective complaint to the city's consumer
association, and also held talks with ICBC's Shanghai branch.
But the
bank fought back, apportioning blame to the customers for failing to properly
protect information about their accounts.
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