Kaspersky Lab and B2B International have uncovered that 38% of financial organizations are unable to distinguish an attack from normal customer activity.
According to the survey conducted, banks and payment organizations are finding it difficult to manage online financial fraud in today’s connected and complex technological landscape. Over a third (38%) of organizations admit that it is increasingly hard to tell whether a transaction is fraudulent or genuine.
As companies become increasingly immersed in digital environments, ensuring business continuity and protecting themselves against cyber threats will be crucial. As the number of online transactions increases, so does the level of online fraud, with 50% of financial services organizations surveyed believing online financial fraud is increasing. It is clear that financial institutions need to make every effort to protect their business and customers from cybercriminals.
“Considering the aggressive competition in today’s fierce financial services market and the extreme disruption from non-traditional providers, a trusted relationship between customers and their financial institutions is a decisive factor for the long-term prosperity of any company. The interdependence of the digital relationships between all financial services market players also means that if any organization in the value chain experiences a digital service issue (whether due to fraud, breach, cyber-attack, etc.), the damage can quickly spread to the other organizations in that digital financial service value chain,” comments Ross Hogan, Kaspersky Lab Global Head of Fraud Prevention.
The survey showed that 41% of businesses have implemented an in-house cybersecurity solution and 45% rely on a third-party solution from their bank, to mitigate the risks. Still, 46% of companies have either only partially implemented a solution against financial fraud, or have not implemented one at all. Among financial organizations, only 57% have a dedicated anti-fraud security solution. Fraud itself is not only problem, financial institutions need to reduce the number of false alarms in their systems, to provide the best customer service possible.
