Widespread Security Flaws in Online Banking Systems

75 Percent of Banks Surveyed had at Least One Design Flaw

According to a new study done by researchers at the University of Michigan, more than 75 percent of bank websites surveyed had at least one design flaw that could make customers vulnerable to cyber thieves after their money or even their identity.

These design flaws aren't bugs that can be fixed with a patch. They stem from the flow and the layout of these Web sites, according to the study.

A recent FDIC Technology Incident Report, compiled from suspicious activity reports banks file quarterly, lists 536 cases of computer intrusion, with an average loss per incident of $30,000. That adds up to a nearly $16-million loss in the second quarter of 2007. Computer intrusions increased by 150 percent between the first quarter of 2007 and the second. In 80 percent of the cases, the source of the intrusion is unknown but it occurred during online banking, the report states.

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Last updated on Jul-23-08

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