Looking to cut the losses associated with online fraud, the UK’s Barclays bank has limited the amount its web banking customers can transfer online to external accounts to GBP1,000, according to the Times newspaper.
The decision to lower the limit was reportedly prompted by a recent ‘phishing’ raid. Phishing is when online fraudsters distribute emails, falsely claiming to be a legitimate enterprise, in a bid to trick the addressee into submitting private information that can be used for identity theft.
The Times reported that the new limit has angered some of the bank’s customers who are inconvenienced by having to call up the bank to conduct transfers to third parties that the bank does not recognize as a business entity.
The report suggested that the cut is seen as a little drastic given that its previous external transfer limit of GBP 2,000 is still lower than that of most of its competitors.