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Should banks implement better address verification software?

Rachel Wheeler

August 9, 2010

Archive

Banks should consider implementing better address verification software to fight off cybercriminals.

In an article for tmcnet.com, David Sims called for banks to improve their online customer safety and make sure that the computer verifies who is transferring money.

His comments come after USA Today reported that the American Bankers Association (ABA) is asking consumers to "partner" with banks to keep cybercriminals in check.

According to the newspaper, around 80 per cent of US households bank over the internet, putting millions of Americans at risk of online fraud.

Doug Johnson, vice-president of risk management policy at the ABA, said that consumers should monitor their online accounts for unauthorized transactions on a "continuous, almost daily, basis".

The news source reported that in 2009, the ABA found that 85 per cent of big banks are incurring the losses from cyber attacks from consumer accounts.

Banks rated the threat level of online attacks at 2.58 on a scale of zero to five, up from 1.84 in 2007.

This could encourage more firms and consumers to implement effective address verifier software.
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