20 October 2017
Register now

Standard Bank updates Internet security following fraud scare

28 July 2003  |  6462 views  |  0 global_1

South Africa's Standard Bank is to spend millions of rand providing free virus protection software to customers and updating its Internet banking front-end following a recent high-profile key-logging assault at neighbouring Absa.

The bank says it will supply all new and existing Internet banking customers with McAfee personal firewall and anti-virus software free of charge. A virtual PIN (personal identification number) pad safety device has also been introduced to counteract the key-logging software used to defraud Absa clients.

The firewall and virus protection software can be downloaded from Standard Bank's Internet banking site after customers' have logged on. The cost will be borne by Standard Bank for one year, after which customers will be responsible for the maintenance fee on the software, which will be negotiated in bulk by Standard Bank.

Says Jacko Maree, Standard Bank chief executive: "Security in the financial environment has to be a partnership between a bank and its customers. These measures are designed to not only enhance our own controls against perceived threats, but also to assist our customers in securing their PCs."

Standard Bank and ISP Tiscali have also opened two customer helplines for queries and for support in installing the software.

Standard Bank's initiative comes as South African police arrested a man in connection with the unauthorised removal of R500,000 from bank accounts run by an estimated ten separate Absa customers in South Africa's Western Cape province.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Australian banks plot national ID verification gateway

Australian banks plot national ID verification gateway

25 July 2003  |  4719 views  |  0 comments
Spyware bank frauds uncovered in US and South Africa

Spyware bank frauds uncovered in US and South Africa

21 July 2003  |  7029 views  |  0 comments
ANZ and Westpac targets for bogus bank fraud

ANZ and Westpac targets for bogus bank fraud

04 July 2003  |  5927 views  |  0 comments
Bloomberg hacker sentenced to four years

Bloomberg hacker sentenced to four years

03 July 2003  |  6560 views  |  0 comments
London hit by ATM card fraud

London hit by ATM card fraud

24 June 2003  |  7256 views  |  0 comments
UK financial services plans crackdown on ID fraud

UK financial services plans crackdown on ID fraud

17 June 2003  |  5771 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15975 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
9066 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8212 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7218 views comments | 9 tweets | 17 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
6646 views comments | 18 tweets | 25 linkedin

Featured job

Find your next job