News Burst: Banks hit by high-tech extortion

Banks and other financial institutions have been targeted by high-tech extortionists, the International Chamber of Commerce (ICC) confirmed Monday. The ICC said it is aware of several extortion attempts made by computer crackers on international financial institutions.

A spokesman for the Commercial Crime Department at the ICC made the admission but refused to give details. "Everyone in the IT business knows that this is one of the big risks," he says. "This is a serious problem but public paranoia will never help the situation.

Last week, NatWest dismissed concerns over security when it announced an online banking deal with Yahoo.

Full story to follow.