Infosecurity.Com - In 78% of online fraud incidents, banks failed to catch the illegal transfer of funds or other malicious activities, such as identity theft, according to a survey commissioned by Guardian Analytics.
“Nearly 80% of the time, the bank does not do anything to detect the fraud before the money has actually left the institution, which we find alarming”, said Terry Austin, chief executive officer of Guardian Analytics. “The banks don’t have the tools and technology…deployed to proactively monitor and detect fraud”, he added.
The survey of 533 executives at small and medium-sized businesses conducted by the Ponemon Institute for Guardian Analytics found that 56% of businesses experienced banking fraud in the last 12 months. Of those that experienced fraud, 61% were victimized more than once.
“Despite that fact that fraud has increased dramatically…the banking industry has not moved the needle at all in terms of addressing the problem”, Austin told Infosecurity. “There has been very little improvement in the banking community’s ability to stop fraud”, he added. Read More
