Surfer uncovers 'millions' of online bank accounts

Ralph Dressel, a 28 year-old software analyst at Royal Skandia Bank claimed he came across the information through the website of Fiserv, a company that provides the software behind dozens of internet banks. Dressel obtained 'access logs' that would have allowed him to transfer funds and change user passwords.

He told the Observer: "I was just checking details of my US bank account and was playing around looking to see how secure the system was. I was amazed there didn't seem to be any protection at all and within five minutes I had obtained full access to account details of hundreds of thousands of people.

He added: "Anybody who has basic internet skills could have done it. I guess if I wanted to I could have transferred $50m into my account."

According to the paper, Dressel contacted the FBI in Boston and his local police station in the Isle of Man following his discovery.

The news follows a summer of embarrassments for companies doing business online. In August Barclays was forced to shut down services when customers discovered they could see details from other people's accounts, while in July, silicon.com revealed a major security breach at utility Powergen.