It has been seven years since the government-sponsored Cruickshank report demanded a reduction in the time it takes for banks to clear funds transferred between accounts. And, after much discussion, UK banks are now taking action. In November 2007 the Faster Payments scheme will reduce the clearing times of three to five days to 24 hours and even quicker when money is transferred online. While this speedy process offers convenience to online bankers, it could also be a gateway for fraudsters seeking weaknesses in the process. Because of this, the majority of large UK banks are now roUing out 'chip and PIN at home' to prevent online fraud. Chip & PIN at home is a nice start, but rather than re-issuing all of the cards and using completely new technology, shouldn't banks try to utlilise their existing resources or invest in more future proof products?
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