Unbelievable? They can not distinguish attacks from regular transactions! Research conducted by Kaspersky Lab and B2B International revealed that financial institutions, (banks and various payment institutions), are struggling to manage online financial fraud in today's modern, complex and well-connected technological landscape available. Over a third (38%) of organizations admit that it is increasingly difficult to distinguish between a genuine online transaction and a fraud.
The explosive growth of electronic payments, combined with new technological developments and shifting business needs, has forced companies to enhance the efficiency of their business processes in recent years. In many cases, this has been achieved by implementing electronic flow systems to communicate and interact with suppliers, customers, etc.
Electronic payments of all kinds are now a global one, so it is absolutely impossible for modern businesses to completely avoid any kind of online transactions.
As companies continuously invest in online transactions increasingly discovering the possibilities and opportunities for growth that the digital age provides them, ensuring their uninterrupted operation and protection against digital threats are vital priorities. As the number of online transactions continues to increase, so does online fraud, as highlighted by 50% of financial firms surveyed. It has, therefore, become clear that financial institutions must make every effort to protect businesses and customers from ever-evolving digital criminals.
According to the survey, 41% of businesses have implemented an "in-house" cybersecurity solution solution), while 45% rely on bank-provided third-party solutions to mitigate risks. However, only 46% of companies have either only partially implemented a solution against online financial fraud, or have implemented nothing at all. Among financial organizations, only 57% have already installed a dedicated security solution against online threats.
According to the above findings, about half of the organizations active in the field of electronic payments use non-specialized solutions, which, according to the statistics, are considered unreliable, especially in cases of deception of the system, as they present a very high percentage wrong results. The inefficient use of security systems can also lead to barring transactions. It is worth noting that the deviation of payments can lead to loss of customers and ultimately profits. This is a very crucial issue for any business. But fraud itself is not the only problem, as financial institutions will have to reduce the number of false alarms in their systems to provide their customers with the best possible service.
"Given the aggressive competition in today's financial services market and the extreme disruption by non-traditional providers, a credible relationship between customers and their financial institutions is a decisive factor in the long-term prosperity of each company. The interdependence of digital relationships with other players in the financial services market also means that if an organization in the value chain experiences a negative digital security incident (which may be due to fraud, violation, digital attack, etc.), the damage can quickly spread to other organizations in this financial services supply chain. Given that the already high volume of customer demand for web services continues to grow rapidly, all companies - whose customers come in contact with both digital platforms, online infrastructures, data provision and employees - should feel and be secure, providing easy-to-use and well-prepared services. Therefore, it is extremely important to use specialized anti-fraud prevention solutions to provide customers with the most comfortable and safer service, comments Ross Hogan, Kaspersky Lab's Global Head of Fraud Prevention.
Kaspersky Lab experts recommend both banks and other financial institutions to use integrated methods of protection against electronic fraud at multiple levels. The Kaspersky Fraud Prevention platform includes pre-installed tools control against online threats through the platforms and devices used by customers, as well as on the server located within the information infrastructure of each bank. Provides multi-layered protection for online and mobile banking.
For more information about Kaspersky Fraud Prevention, you can visit its website company.
