Government money right on time

As Patricia Hewitt, so-called e-minister, announced a £15M commitment to develop internet technology and fight fraud, Unisys reported that their research suggests many firms have yet to take the threat of electronic fraud seriously.

The money, to come from joint public/private investment, will be targeted at further development of e-commerce initiatives and specifically at gaining an increase in both hard security measures and the general sense of confidence in applications.

Unisys, which questioned well over 800 firms in the UK, found that most recognise the threat of fraud - and some have even been the target. Yet 85% of financial institutions have taken no practical steps to protect themselves.

Unisys blames a lack of understanding about the nature of the threat and a lack of training about how to beat it. All that could change rapidly, the company says, when a major incidence of fraud is revealed.

Elliott Chase