On June 29 the China Banking Regulatory Commission (CBRC) issued a notice on “Improving Risk Management and Services for Internet Banking Business”, which requires commercial banks to adopt “dual confirmation” mechanisms to authenticate online users for high risk internet banking transactions before the end of 2007.

The notice provides the definition of “dual confirmation” method, something like the “two-factor authentication” mechanism, as well as providing a guideline for banks to set down their criterions for “high risk transactions” of internet banking business.

It also requires banks to charge the responsibility of public education on internet banking security and notice the public in time about the illegal websites and mails via banks’ websites and other channels. Apart from these, banks should put in place an arrangement to properly handle customers’ complaints on internet banking business. In addition, each bank is expected to improve the management on the third party who are linking to the bank’s system regarding technology and business.

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