Internet banking is unsafe, according to a new book which has hit the streets "Fatal System Error: The Hunt for the New Crime Lords Who are Bringing Down the Internet” was penned by Joseph Menn, who reports on cyber security for the Financial Times.

Menn said that the banks are stuck because they've been telling people it's safe, and the fraud they're on the hook for has gone up four-fold in six months. Menn warned that the Internet was not designed with security in mind. He says it's fine for YouTube.

He claimed that serious financial, commercial, or government related needed to be on a different ultra secure network. He said we need different protocols, different ways for computers to talk to each other that do not rely on openness and trust.

In his book Menn looks at the link between private and government cyber-crime and charges both Russia and China with protecting and profiting from this $1 trillion industry. Menn said it is important to stop pretending that the Russians are our friends in this and all other things.