Pecunix.com online security is one of the most amazing success stories in the digital gold world. The developers put some time and real effort into the software which is used for customer online account access. To the best my knowledge a Pecunix account can not be phished or cracked.

To access Pecunix, there is no electronic fob device, cryptocard or cute little bank avatar which pops up when logging in (BoA).  Also, there is no delay between the moment a user sets up the account and the ability to accept or send transfers.  This is very good software and well designed account access.

Are all the high priced bankers telling us that they can’t figure out how to provide secure online access?

I find it hard to believe. Hey take a que from Siddley.net and get into the DGC game.

ThePayPers.com has a great online report out now and here is one paragraph below relating to online bank security.

STUDY ONLINE BANKING | Over 75% of US banking websites contain serious security flaws

A study conducted by the researchers at the University of Michigan reveals that 75% of banking websites contain flaws in their design which could expose customers to cyber thieves’ attacks. These flaws are systemic, occurring as the result of the flow and layout of the sites. 47% of banks inserted secure login boxes on insecure pages, the researchers point out. This action allows hackers to re-route data entered in the boxes or design a spoof page to gather information.

In addition, 55% of the websites involved in the study displayed contact information and security advice on insecure pages. Because of this, hackers can change addresses and phone numbers and persuade customers to reveal confidential details.

The team of researchers also discovered websites where social security numbers or e-mail addresses are used as IDs are sometimes insecure. Thieves will encounter few difficulties in getting such information. Researchers have also found that 28% of the websites did not apply a policy on passwords or even allowed the use of weak passwords. Banks expose themselves to high risk when sending passwords or statements to customers via email, but nevertheless 31% of them use this method to get in touch with their clients.

The study also mentions that 30% of companies automatically send a visitor to a site outside of the bank’s domain for a specific transaction without warning them first. In 2006 research conducted by Gartner revealed that 9 million US adults gave up accessing online banking services, while another study estimated 23.7 million are not even eager to start due to fears over security.

Latest APACS figures mark sharp increase in UK online banking fraud

“According to figures released by APACS, the UK payment association, UK online banking fraud registered a staggering 185 percent increase in H1 2008 as compared to H1 2007. The number of recorded phishing attacks is also on the rise, up 186 percent from last year over the same six-month interval. In the first half of 2008, APACS reports that over 20.000 phishing websites were set up in an attempt to convince users to divulge their personal banking information. APACS officials warn that while the increase in online baking fraud seems extremely sharp, it illustrates in fact an older trend, which began manifesting itself in H2 2007 and which sees online fraudsters directing their scamming attempts at banking users more than at the banks’ IT infrastructure itself,”

Source: http://www.thepaypers.com/pdf/online_paypers.pdf