Internet banking as we know it, the kind that happens when a user launches a browser, and goes through even a decent approximation of layered security on a bank's Website, is dead, made untenable by the massive fraud now draining hundreds of millions from corporate accounts. The Internet and the browser may have been the greatest consumer technology innovation of the last quarter century, but for regulators, bankers and their customers, it's time to move on.

Don't take my word for it. In August, the FS/ISAC warned members of a massive up tick in wire fraud against commercial accounts, saying commercial customers should "carry out all online banking activity from a standalone, hardened, and locked down computer from which e-mail and Web browsing is not possible."

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