Fraudulent activity undetectable by 38 per cent of organisations

Article originally posted on CPI Financial, written by Isla Macfarlane.

A survey conducted by Kaspersky Lab and B2B International suggests that banks and payment organisations are finding it difficult to manage online financial fraud in today’s connected and complex technological landscape.

The explosive growth of e-payments, combined with new technological developments and shifting business needs, has forced companies to enhance the effectiveness of their business processes in recent years. In many cases, this has been achieved by implementing e-flow systems for interacting with suppliers and clients etc. E-payments of all types have become so ubiquitous today that it is absolutely impossible for businesses to completely avoid electronic transactions of any kind.

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 per cent of financial services organisations 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.

The survey showed that 41 per cent of businesses have implemented an in-house cybersecurity solution and 45 per cent rely on a third-party solution from their bank, to mitigate the risks. Still, 46 per cent of companies have either only partially implemented a solution against financial fraud, or have not implemented one at all. Among financial organisations, only 57 per cent have a dedicated anti-fraud security solution.

Read the full article here.