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OCC Issues Internet Banking Handbook
The Office of the Comptroller of the Currency has issued a handbook for examiners telling them what to look for when examining Internet banking activities. OCC estimated that 500 national banks have transactional Web sites.
The OCC handbook applies the agency's current risk guidelines to Internet activities and outlines additional risks unique to Internet banking. For example, the book points out that Internet banking customers can be anywhere in the world, which creates authentication risks for loan verifications. Also, Internet banking customers react more quickly to the changing market - seeking out the best rates. This can create deposit volatility, the OCC said.
One of the more important parts of the hand book is a section covering the challenges of attempting anonymity or posing as another individual, using fraudulent identification. It also covers threats of intrusion and hacking. The whole publication can be viewed on line and printed from http://www.occ.treas.gov/handbook/intbank.pdf
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 10, 11/99
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