Banks and other financial institutions may be forced to shut off access to their online banking systems for those still using Microsoft Windows XP, support for which comes to an end this week.

According to Trend Micro, a security software firm, the vulnerabilities in the software, which was first released in 2001, will become “so extreme” that they will pose a “significant threat” to financial institutions and banks.

“This may lead to these parties shutting off access to online banking systems for Windows XP users altogether,” says Trend Micro threat communications manager Christopher Budd. “Banking malware is growing exponentially as cyber criminals have learnt their most profitable attack is to go where the money is.”

Trend Micro says that from 2012 to 2013, detections of online banking malware more than doubled from 500 000 worldwide in 2012 to more than a million in 2013.

“These figures, coupled with the number of attacks on banks, and combined with the loss of support for Windows XP, is creating a perfect storm for vulnerabilities.”

The “skyrocketing incidence” of online banking malware, combined with a “coming slew of never-to-be-patched vulnerabilities” in Windows XP, means that online banking on XP is going to become “incredibly dangerous”.

“Although there is a risk to the users of those Windows XP systems themselves, the real risk is to the banks of these users who are trying to access the banking systems, as they bring their ‘dirty washing’ with them each time they log onto a system,” says Budd.

“We shouldn’t fool ourselves into thinking that warnings alone will be sufficient. As time goes on, this situation will become worse and worse. Banks and financial institutions should also start considering the drastic measure of actively blocking users on Windows XP from using their online services entirely.” — (c) 2014 NewsCentral Media