http://www.consumeraffairs.com/news04/2005/online_banking.htmlEmail-based "phishing" attacks, used by criminals to convince individuals to reveal confidential information, are rapidly morphing into more insidious forms of online fraud, a research report warns.
The report from TowerGroup finds that advanced approaches to online fraud -- using methods like spyware, browser hijacking and remote administration tools -- pose a significant and fast-growing threat to consumer confidence in the online banking channel.
In the face of this fraud evolution, the practice of requiring a username and password as the sole means of online customer authentication is rapidly becoming outdated.
"The US financial services industry is continuing to build effective defenses against phishing, with consumer education playing a critical role," said George Tubin, senior analyst in the Delivery Channels practice at TowerGroup and author of the research.
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kind of scary, huh ?
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