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Financial institutions have long known that internet-based transactions lower costs. And with our increasingly cashless society, the internet can virtually eliminate the need for a customer to ever talk to anyone, or visit a brick and mortar establishment.

That is, unless some sneaks screw up the process.

The Bank of New Zealand got such a heavy pummeling from phishers that it had to shut down its website to keep phishers from draining everyone’s accounts.

Of course, half this problem are the computer users that fell for the phish to begin with, but that is besides the point. The bank had to take some very serious action, and I doubt this is the last time we are going to here about it.

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