- News & Events
August 23, 2013
A recent poll of 2,052 age 18 and older bank-account holders, conducted by tech company Entersekt and market research firm Harris Interactive, determined that 71 percent of those polled were “somewhat likely” to switch to another bank if they were victimized by cyberfraud at their current bank.
This may be sort of a “well duh,” but 85 percent of those polled are, in pollster parlance, “somewhat concerned” about online bank fraud. Do you know anybody who’s not?
Christiaan Brand, chief technology officer at Entersekt, said in an online.wsj.com piece that “According to RSA’s 2013 report The Year in Phishing, online banking fraud is a nationwide epidemic in which banks, who lost $1.5 billion in revenue last year from phishing attacks, are simply accepting losses instead of proactively adapting their defense. What makes the issue complicated is the increased sophistication of hackers, but technology aimed at thwarting attacks has evolving too.”
Of those polled, close to six out of ten said they would be (again in pollster jargon) “somewhat willing” to take an active role in securing their bank transactions online using their mobile phones to authenticate activities including purchases, logins, transfers or bill payments.
The most popular consumer authentication systems utilize one-time passwords (OTPs) usually delivered through hardware tokens or via text or automated voice messages on mobile phones.
Brand observes that the “fundamental flaw these products share is that they continue to rely on browser-based communications back to the bank. Banks are in the unenviable position of having to juggle robust security with consumer demand for convenient access. OTPs deliver neither.”
The poll indicated that on average, Americans access their online accounts ten times per month. And every login is another opportunity for hackers to get at users’ money.
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Posted by Dan Rampe
Tags: Account Takeover, Account Takeover Fraud, Bank Fraud, Botnets, CNP fraud, Cookieless Device Identification, Cookies, Credit Card Fraud, Cyber attacks, Device Detection, Device Fingerprint, Device Fingerprinting, Device ID, Device Identification, Fraud Prevention, Hacking, Identity Spoofing, Identity theft, Malware, Malware Protection, Man-in-the-Browser Detection, MitB, Online Fraud, Phishing, PII, ThreatMetrix, ThreatMetrix Cybercrime Index, ThreatMetrix Cybercrime Protection Platform, ThreatMetrix Global Trust Intelligence Network, TrustDefender Cybercrime Protection Platform, Web Fraud