Bank Security Software EULA Allows Spying On Users

An anonymous reader writes Trusteer Rapport, a software package whose installation is promoted by several major banks as an anti-fraud tool, has recently been acquired by IBM and has an updated EULA. Among other things, the new EULA includes this gem: "In addition, You authorize personnel of IBM, as Your Sponsoring Enterprise's data processor, to use the Program remotely to collect any files or other information from your computer that IBM security experts suspect may be related to malware or other malicious activity, or that may be associated with general Program malfunction." Welcome to the future...

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[joncombe]

I use a bank that likes to push this software. Everytime I log into the online banking you get an annoying "pop over" suggesting you install it, which I have to close each time. I've never installed it, and reading this very glad I didn't, I'm always suspicious of websites trying to push software as must have, even if it's banks doing it. My concern is banks moving towards making software like this mandatory, before they will allow you to log onto online banking. Go elswhere, well yes, for now, but if every bank insists on software like this? I've already heard banks can refuse to refund any fradulant transaction if they think you've not taken adequate protection. Would not installing the banks "recommended" software meen you haven't taken adequate protection? Yes I could go back to banking by phone (which is far less secure, of course) or in branches, but with more branches closing all the time, the latter probably won't be an option for much longer either.