In the last year (2010) alone losses of $18 billion and $20 billion were reported, according to information from the Federal Bureau of Investigation (FBI).
"Phishing, which was widespread last year in the Panamanian market, is a type of fraud that uses fake emails which redirect clients to a copy or imitation of a legitimate website, so that personal and confidential information can be gathered and used to commit fraud" reported Prensa.com.
Given this situation the bank is adopting new mechanisms to provide greater security for electronic transactions.
HSBC has invested about $2 million on a new platform that offers greater security to users in their dealings.
Source: Prensa.com
More on this topic
February 2010
Among users of online banking services, 73% use the same password for their bank accounts as for other minimum security web sites.
Furthermore, 47% of all people use the same combination of username and password in all the sites that require so.
This is very dangerous. Hackers and online thieves are profiting from this bad practice.
July 2009
A law proposal has been submitted for criminalizing Internet felonies.
Representative Francisco Contreras, sponsor of the measure, requested its inclusion in the legislative agenda as soon as possible.
Marcela Fernández writes in a Prensalibre.com article: "With the law, unauthorized access to a private page, damages or sabotage, invitation to enter phony systems, child pornography and cyber espionage, among others, would be punished with up to 12 years in jail."
January 2012
The Superintendency of Banks has announced changes to the legislation which regulates electronic banking.
A statement from the superintendency indicates that the update seeks promote electronic banking operations and make them more secure, transparent and efficient.
An article in Laestrella.com.pa reports, "The agreement aims to strengthen risk management, safety in operations and corporate governance with respect to electronic banking, to give banks clear rules to raise security levels.
July 2011
The Large Business Division of Telefonica yesterday presented remote banking services to domestic banks for performing financial transactions through mobile phones, using a “cloud” computing platform.
Rudy Hoffens , manager in Guatemala for the large business division of the firm, said the pilot program will be implemented in Central America and will then be extended to Latin America.
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