Banks Suffering More Losses due to Online Fraud
The Security Fix provides a number of interesting details found in the leaked Federal Deposit Insurance Corporation's Technology Incident Report. For instance, computer fraud related losses averaged $29,630 in 2007, almost three times the 2006 level; and there are case studies, like the business that lost $188,000 in a spear phishing scam last year. Small and midsized business are especially vulnerable according to the article. The most chilling statistic is about how much banks don't know about how fraud is conducted:
The report indicates that the 80 percent of the computer intrusions were classified as "unknown unauthorized access - online banking," and that "unknown unauthorized access to online banking has risen from 10 to 63 percent in the past year."
The article notes that business may have as little as 2 days to report fraudulent activity and consumers may have up to 60 days to report and hope to recoup their losses.
Clearly, we don't just need to monitor our own networks and applications, we need to monitor online accounts regularly. And keep the anti-malware up to date - Trojans are implicated in a number of cases where the bank could determine how the fraud was perpetrated.
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