E-banking is still open to threats
By Wang Zhenghua (China Daily)Updated: 2007-01-05 10:32
After the lender's website was intruded, it posted a notice alerting users
not to access their Internet banking accounts through hyperlinks embedded in
emails or Internet search engines.
Customers were also advised to access
their e-banking accounts by keying in or book-marking the genuine
website.
According to CCID Consulting, a market research company in Beijing,
online transactions have become one of the most important businesses for modern
commercial banks.
China's online banking business has been developing
rapidly and the number of online customers may exceed 100 million by 2010, CCID
said in its China Online Banking Market Research Report 2006.
It also
said that by the end of last year, among the top 50 commercial banks in China,
37 set up websites, including 25 engaged in online banking.
China Construction Bank (CCB), the Chinese mainland's
third-largest lender, has reported rapid development in its electronic banking
business in recent years. At the end of 2004, the bank had 4.73 million
e-banking customers, with online transactions totalling 3 trillion yuan ($385
billion).
In addition to the State-owned big four lenders, fast-growing
stake-holding commercial lenders are hoping the online banking network will
broaden their customer base.
Shenzhen-based China Merchants Bank (CMB), the Chinese mainland's six-largest
lender, intends to establish a convenient online payment method in two years to
offset its lack of outlets and compete with its State-owned
counterparts.
Foreign lenders have also cast their eyes on the
sector.
The Bank of East Asia was authorized to open an individual online
banking business in August 2002; HSBC has been providing individual online
banking services for local and international customers since December 2002.
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