With rising unemployment and declining economic conditions there is an increasing number of desperate people. Banks experience an increase in online attacks — including daily attacks that cause customer losses that are often absorbed by the banks. The cost for each data breach is about $197 per person according to Ponemon Research.
Cybergangs also attack consumers by sending out phishing e-mails that trick people into giving out account numbers, PINs and passwords. A fake e-mail that looks like it’s an official e-mail from Bank of America or Citibank or any bank can successfully result in a crook getting precious security information that can be used to transfer money out of the bank account. In some cases the bank will resolve the loss to its customer, but it takes about two days.
When banks cut costs on IT departments, security measures can be weakened. Security consultant McAfee reports that cybercrime increased 53 percent in 2008.
See also …
Ponemon Research
Security Consultant Lance James
LifeLock
FIT Consulting
Cybercrime Up 53% in 2008
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