E-Banking Wire Transfers Risky

Hackers were not so clever

As technology soars, so too does cyber crime
By: Wassayos Ngamkham
Published: 29/06/2009 at 12:00 AM

Aspate of electronic money transfer scams has raised doubts about the security of state-of-the-art technology banking systems known as E-banking.

Despite the technological advances, bank-to-bank wire transfers are still considered risky because they are vulnerable to increasingly sophisticated hackers, Crime Suppression Division investigator Akkaradet Pimolsri said.

The arrest of two Russian hackers and a Thai man in a bank fraud gang is a case in point.

On June 15, Anton Soldatenkov, 26, Vnuchenko Oleksandr, 32, and Prakiat Bunmo!, 34, were arrested after withdrawing 6.5 million baht in cash from a Krung Thai Bank branch at Siam Eastern Industrial Park, in Rayong's Pluak Daeng district.

Five days earlier, two banks - Krung Thai Bank and Siam Commercial Bank - were allegedly tricked into transferring almost 10 million baht combined into the three men's account through the online banking system.

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online banking, wire transfers