19 Sep 2011

Security threat for banks from social media

9:22 am on 19 September 2011

Banks in Australia are facing a security threat as they embrace social media.

Like most big companies these days, banks are using Facebook and Twitter to market special offers and build communities online.

Radio New Zealand's Sydney correspondent reports that's all very Gen Y of them, but it's also left them open to hackers.

In a recent example, the Bank of Melbourne fell victim to a hacker who hijacked their twitter account to send direct messages to followers asking them for their account information.

The trick is to send followers a link to click on. That takes them back to the Twitter sign-on page, from where the hacker steals their passwords.

While there's no evidence that anyone's account was raided, Bank of Melbourne says it's now reviewing its security policies.