Industry News Home More stories like this... RSS Feed

Credit crunch 'will increase IT security risk'

Concerns have been raised about the security of customers' personal details as banks affected by the credit crunch are taken over, it has been reported.

Experts at First Cyber Security fear that the movement of account details across banks and an increase in emails to customers may see cyber criminals take advantage, ProPortal.com says.

The website quotes the security firm's director David Holmand as saying: "As these mergers and acquisitions continue in the banking sector, the consumer will expect to receive communications from their banks detailing name changes and giving them different websites to gain access to their internet bank accounts.

"Unless this is handled carefully it is a real opportunity for fraudsters to steal private information."

So far, Halifax has been taken over by Lloyds TSB and Northern Rock has been nationalised. This week, the British government also nationalised Bradford & Bingley – with savers having their money transferred to Abbey, owned by the Santander group.