Unbelievable? They can not distinguish attacks from regular transactions! A survey conducted by Kaspersky Lab and B2B International has revealed that financial institutions (banks and various payment agencies) have difficulty managing e-money fraud in the modern, complex and well-connected technology landscape that is currently available. More than one third (38%) of organizations admit that it is becoming increasingly difficult to distinguish between a genuine online transaction or a fraud.
The explosive growth of electronic payments, coupled with new technological developments and the shifting of business needs, has forced companies to boost the efficiency of their business processes over the past few years. In many cases, this has been achieved by implementing e-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 are constantly investing in online transactions, by increasingly discovering the opportunities and opportunities for growth provided by the digital age, ensuring their seamless operation and protection from digital threats are vital priorities. With the number of online transactions growing steadily, so is the case with online fraud, as 50% of the surveyed financial companies highlights. 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 enterprises has implemented an "in-house" cybersecurity solution, while 45% is based on third-party solutions provided by the bank to mitigate risks. However, as soon as 46% of companies either have only partially implemented a solution against online financial fraud, or they have not implemented anything at all. Among financial institutions, only 57% has already installed a special 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 specialists recommend both banks and other financial institutions to use comprehensive anti-fraud techniques on multiple levels. The Kaspersky Fraud Prevention platform includes pre-installed online threat control tools through the platforms and devices used by customers, as well as on the server within the IT infrastructure of the bank. Provides multi-level protection for online and mobile banking.
For more information about Kaspersky Fraud Prevention, you can visit its website company.
