Bank turns to texts in fight against fraud
Bank turns to texts in fight against fraud
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Thursday, 25, May 2006 12:01
A bank is turning to text message updates and free anti-virus software in a bid to beat fraud.
Barclays will send customers messages to their mobile phones to let them know of new payees in their account to alert holders to any suspicious transactions.
Barnaby Davis, director of electronic banking at Barclays, explained the decision: "Because online banking is so secure fraudsters have turned their attention to customers and target them to specifically get their security details for their accounts."
Online banking is growing in popularity, with a recent study by the Alliance & Leicester claiming that those who had an internet bank account were more in control of their finances.
However, "phishing" for details or viruses that hack into computers to record details means that bank accounts are open to attack.
By introducing a free anti-virus program from F-Secure, the bank believes it will help cut down the number of fraudulent attacks on accounts.
Updates mean that the system should be guarded against new viruses while text messages alerting people to new transactions early should mean any fraudulent ones are spotted.
Even with the new measures, Mr Davis urged customers never to give out personal details or information about their accounts or passwords.