SafeUM
Home Blog Services Download Help About Recharge

Axarhöfði 14, 110 Reykjavik, Iceland

Iceland - 2015
SafeUM
Blog
Services
Download
Help
About
Recharge
Menu
Archive
TOP Security!
16 Dec 2015

Online payments at risk as banks fail to secure transactions

Around 33% of financial services do not provide a secure online payment channel for customers, despite the increase in online transactions.

According to a survey conducted by Kaspersky Lab and B2B International, it was found that several banks and payment companies are facing difficulties to fully protect themselves and their customers from financial fraud.

Around 65% of the respondents claimed that their customers are conducting financial transactions through different devices, yet only 53% have implemented two-factor authentication. Only 50% of the respondents have introduced a specialised, real-time anti-fraud solution despite knowing the fact that is the most effective form of protection available. 42% of those surveyed have extended specialised, real-time anti-fraud solution to customer devices, and around 67% of the respondents claimed that they have implemented a secure connection for all online payments.

However, instead of removing risks just 48% of the respondents said that they just mitigated the risks, and 29% also said that it is cheaper to deal with online financial fraud incidents than to prevent them from happening. Most of the respondents favoured specialist solution rather than general internet-security software solutions for the prevention of well-disguised phishing and malware attacks that can lead to financial fraud.

The financial sector has always been the prime target of hackers, and recently the National Crime Agency (NCA) urged Britons to protect themselves from cyber attacks after hackers stole around £20m from UK bank accounts. Kaspersky Lab UK and Ireland general manager Kirill Slavin said: "The study shows that banks and payment organisations are finding it difficult to manage online financial fraud in today's connected, omni-channel consumer landscape.

"38 per cent of the organisations we spoke to admit that it is increasingly difficult to tell whether a transaction is fraudulent or genuine, with a worrying one in three opting for a 'we'll deal with it as it happens' approach to fraud protection. "If you consider that our own research uncovered 22.9 million financial malware attacks in 2014, targeting 2.7 million customers worldwide, it is clear that dealing with each incident individually is not a viable, long-term option."

Tags:
information leaks fraud
Source:
Computer Business Review
1821
Other NEWS
3 Jul 2020 safeum news imgage An encrypted messaging service has been infiltrated by police
4 May 2020 safeum news imgage Two-Factor Authentication ​What Is It and Why You Should Use It
12 Dec 2019 safeum news imgage Encryption is under threat - this is how it affects you
4 Nov 2019 safeum news imgage Should Big Decisions Be Based on Data or Your Intuition?
7 Jun 2018 safeum news imgage VPNFilter malware infecting 500,000 devices is worse than we thought
4 Jun 2018 safeum news imgage Hackers target Booking.com in criminal bid to steal hundreds of thousands from customers
1 Jun 2018 safeum news imgage Operator of World's Top Internet Hub Sues German Spy Agency
30 May 2018 safeum news imgage US says North Korea behind malware attacks
29 May 2018 safeum news imgage Facebook and Google targeted as first GDPR complaints filed
25 May 2018 safeum news imgage A new reason to not buy these cheap Android devices
24 May 2018 safeum news imgage Flaws in smart pet devices, apps could come back to bite owners
23 May 2018 safeum news imgage Google sued for 'clandestine tracking' of 4.4m UK iPhone users' browsing data
21 May 2018 safeum news imgage LocationSmart reportedly leaked phone location data onto the web
18 May 2018 safeum news imgage The SEC created its own scammy ICO to teach investors a lesson
17 May 2018 safeum news imgage Thieves suck millions out of Mexican banks in transfer heist
All news
SafeUM
Confidential Terms of Use Our technologies Company
Follow us
Download
SafeUM © Safe Universal Messenger

Axarhöfði 14,
110 Reykjavik, Iceland

Iceland - 2015