Banks and consumers must work in tandem to prevent losses from online fraud, security vendor TrustDefender has said.
“The current security paradigm by the banks of ‘we will secure our end, and the consumer needs to protect his end’ simply does not work any more,” a statement from the company said.
This follows a recent German court ruling that banks are responsible for phishing attacks, not the affected customers themselves.
The case highlights the role of consumer PC security in online banking, according to TrustDefender.
The customer at the centre of the German case had installed paid antivirus software on his PC, but it was still infected by up to 14 pieces of malware including a key logger.
A one-time password system also in place did not stop the theft of the man's funds.
