Major banks to meet after internet banking fraud

Monday, 21 July 2003, 10:25 AM EST

Banking group Absa says it will have discussions with other major banks today about the challenges faced by internet banking fraud.

This follows reports that some of the bank's clients have been swindled out of their money through unauthorised transactions. It is reported that 10 complaints of internet fraud were all laid in the same Cape Town police station in the course of the last two or three months.

Absa Management says it was in meetings all day yesterday, trying to find a solution. It says that the fraud all starts with a spam mail. When you open the e-mail it downloads software called spyware into your computer and when you type, this spyware records your keystrokes and the information, which includes your password and then puts into a file which is e-mailed back to the hacker.

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