"In theory, it's safe to conduct online transactions," He Gongdao, an IT expert, said.

"Many banks have initiated multiple protection mechanisms such as digital certificates, the upgrading of firewalls and other safety measures," he said.

However, He, from the Beijing Jiangmin New Science and Technology Company a computer software and hardware producer, was quick to add that most lenders applied such mechanisms only to the servers of their networks, but overlooked the security of customers.

"The online bank is like a courtyard. Even though lenders make the gate pretty firm and safe, there are many holes in the surrounding walls. Thieves can easily enter and steal the money," he said.

The most contentious dispute over Internet banking safety is between ICBC, and its 487 e-banking customers from across the country.

These alleged victims claim they have lost sums up to 3.1 million yuan ($397,000) owing to ICBC's "online banking loopholes".

Pang Feng, allegedly a customer from Shanghai, suffered the biggest loss more than 380,000 yuan ($48,700).
What's more, the number of alleged victims and money stolen seems to be on the rise.

In August, when these victims formed an alliance to ask for compensation from the lender, they only totalled about 200 claiming a loss of 389,000 yuan ($48,600) much less than the current figure.

It seems the dispute is not likely to be resolved in the near future. Last week, alliance members in Shanghai filed a collective complaint to the city's consumer association, and also held talks with ICBC's Shanghai branch.

But the bank fought back, apportioning blame to the customers for failing to properly protect information about their accounts.

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