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Banks Introduce New Security Measure

Money transfers to be delayed in fight against 'Phishing' fraud

24th May 2005

Major UK banks including Natwest and the Halifax are to introduce a time delay of up to a day for money transfers from one account to another within the same bank, in a new effort to stem the phishing tide.

Phishing is a fast-growing form of fraud where an email is sent out at random, asking people to confirm their opnline security and account details at a fraudulent web site mocked up to look like their own bank's.

The details that the unwitting are duped into providing can then be used to enter someone's online account and transfer money away.

The previously instant nature of transfers within the same bank made this a favourite method of fraudsters, who could steal money quickly and avoid the security chacks that banks put in place. The banks claim that the new delay will allow their systems to spot possibly fraudulent transactions and prevent them going through before it's too late.

Phishing is thought to be costing banks £12m a year, and the figure is rising, with the number of phishing attacks spiralling upwards over the last 18 months.

The banking industry has repeatedly said that its members would never ask for security-sensitive information via email, and advise their customers to ignore all such emails.

Read More: BBC Money Box report

Products from Natwest : Gold Card,  Platinum,  Student Card,  Business Banking,  Credit Card

Products from Halifax : ,  ,  Annual,  Car Insurance,  ISA Saver Direct,  Loans,  Money Back,  One,  Web Saver

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