Financial Services Industry
Industry: Email Alert RSS FeedFraud: Catching Crooks, or Crimping Customers?
Bank Technology News, May, 2006 by Glen Fest
To combat a rash of fraud losses from phishing scams, Barclays in England earlier this spring imposed a strict limit on external online account transfers of 1,000 pounds (about US$1,748) on their Web banking customers.Although the payments didn't impact bill payments, some customers were so displeased with the move that they let Barclays know their feelings - through diatribes in London's The Sunday Times decrying the imposition on their transactional freedom.
What good is online banking, one customer argued in the Times, if you have to call the bank to move your money? The controversial decision by Barclays was in response to that country's runaway online fraud problem, in which losses last year doubled to 23 million pounds, according to UK payments trade group APACS. The...
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