ING Direct solves Internet banking riddle
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As more and more people turn to the   Internet to pay bills and shop for goods and services, Dutch   financial services group ING has carved out a lead in what was   once considered the most elusive of online services: banking.
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DENVER - Federal regulators shut down a phony Internet bank claiming to be located in the tiny Colorado town of Bedrock - population 10 - near the Utah state line.    Through its Web site, the First National Bank of Bedrock offered deposit accounts, investments, debit cards and credit cards, according to the federal Office of the Comptroller of the Currency...
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ING, the Dutch bank which bought Baring in 1995 for Â£1 after rogue trader Nick Leeson ran up losses of more than Â£800m, ending its use of the Baring name.
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Hanging on the telephone Here's a cautionary tale for would-be penetration testers: get permission from a bank before you try to bill them for helping to identify and fix the security short-comings of their services. New Zealander Gerasimos Macridis, 39, learnt that lesson the hard way after his attempts to help the country's Reserve Bank in improving its telephone banking systems resulted in a court appearance.â¦
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An Internet browser feature meant to permit Web addresses in Chinese, Arabic and other languages could encourage online fraudsters by making scam Web sites look legitimate to visitors.
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Users of banking sites just don't pay attention, which may mean that anti-fraud measures such as HTTPS indicators don't help to protect them. The Harvard-MIT study delivering the discoveries this week was mainly composed of users under 30 -- stereotypically the most Net-savvy group around.
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Regulation of online betting on the cards
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Just 4% would give account details New research indicates that online banking users are getting more savvy when it comes to responding to e-mails purporting to come from banks and building societies.â¦
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Alternative browser features protection against online scams.
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If I want to use the online banking services, I have to use IE. Why? No good reason I can fathom. Heaven knows IE isn&#39;t more secure than Firefox (oh, were it so!
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A bank that guarantees its online users safety and security has direct evidence that its Web-based banking system is not bullet-proof. Should that bank tells its users?
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Egg, the Internet bank majority-owned by British insurer Prudential, said it had finalised a deal to sell its French savings and online broking business to Dutch financial services group ING.
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Banks aren't moving fast enough on requiring online customers to provide two forms of ID, the company says.
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Crackers Security researchers have highlighted how corrupt bank insiders might be able to obtain bank card PINs using as little as one or two guesses.â¦
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Company beefs up online service for shipping business information between firms over the Net.
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Arkadi Kuhlmann, chief executive of ING Direct USA, says the bank tries to encourage customers to save by not offering credit cards.
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(InfoWorld) - Users of online banking sites tend to bypass critical clues that the integrity of those sites may have been compromised, according to the working draft of a study released on Sunday by researchers at Harvard University and the Massachusetts Institute of Technology. The study, which will be formally released in May at the IEEE Symposium on Security and Privacy in Oakland, California, underscores how new technologies and warnings can't completely protect Internet users fromÂ scams such as phishing. It also throws doubt on the effectiveness of site-authentication images, which have been implemented by financial institutions such as Bank of America, Vanguard Group, and ING Bank. The images, selected by the customers, are shown when a bank customer logs in from a different computer than is normally used. The study involved 67 users, with more than 90 percent under 30 years old. Because of varying parameters in the study, not all qualified to be included in the results for each of the three tests. Users were ask to conduct common online banking tasks, although precautions were taken to ensure users weren't put at risk. For the first test, HTTPS indicators -- which show that an encrypted connection is enabled -- were removed from the address bar along with the lock that appears in the bottom right corner of Internet Explorer 6. Although the absence of HTTPS indicators should be a warning, all 67 participants continued with their transactions, the study found. The researchers then conducted a test where the site-authentication image was removed along with the HTTPS indicators. The researchers wrote it is the first empirical investigation into site-authentication images. Only two of 60 people chose not to log in when the image was removed, a key sign that a site may have been tampered with or is a phishing site, the study said. Of users who were actually using their own bank account for the study, 23 of 25 continued to enter their passwords. "We find them [site-authentication images] to be ineffective," the study concludes. In the last test, researchers made it more obvious, this time replacing a password-entry page with a warning page from Internet Explorer 7 Beta 3. The page advises of a problem with the security certificate of the chosen Web site. Despite the warning, 30 of 57 users entered their passwords. The study comes as U.S. banks are beefing up their authentication technologies amid new requirements from federal regulators. In October 2005, the Federal Financial Institutions Examination Council (FFIEC) mandated that U.S. banks implement stronger authentication protections by the end of last year, particularly for high-risk transactions such as sending money to a different person's account. Bank of America uses site-authentication image technology called SiteKey. Users pick an image and assign a phrase to it while also setting three "challenge" questions. If a user logs in from a computer that doesn't already have a cookie, they're asked one of the challenge questions and then to verify the image and phrase. If the image doesn't appear or the phrase is wrong, consumers shouldn't proceed. Bank of America said the image system benefits users since it's free and doesn't involve extra hardware or software.