Barclays tackles phishing fraud head on


I was intrigued to hear that Barclays has introduced lower e-banking transfer limits on ad-hoc transfers, in a bid to stop the rising tide of phishing attacks on customer's bank accounts.

Apparently, Barclays has cut the amount you can transfer online to a single external (i.e. non Barclays) beneficiary to a grand (from two grand) to "help customers."

Of course, if the payee is recognised by the Barclays computer system as a bill payment beneficiary, then the two grand limit per transaction applies.

The other interesting step - which some banks, including Barclays, are doing - is to delay inter-account transfers within the same banking group, to give staff a chance to check anything dodgy.

Previously, of course, intra-bank transfers were almost instant, which was good in some ways, but an utter disaster if the transaction subsequently proved to be fraudulent.

I suspect that we'll hear more about how the banks are tackling the online fraud issue, as phishing continues to be a problem...