Banks not addressing online fraud say MPs

| 04/04/2011

(Daily Telegraph): The Treasury Select Committee said it was surprised at how unprepared banks were to deal with potential internet fraud and have recommended the competition authorities investigate what else can be done to improve online security. "Given that a much greater share of the market is likely to be taken in by the internet in later years it is surprising how little work has been done to improve security, and the lack of detail apparently available to the police concerned us," said the Committee in a report published at the weekend on competition in the banking system.

John Fingleton, chief executive of the Office of Fair Trading, told the Committee in a public hearing that there was a "common perception that the internet is susceptible to fraud."

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