ATM crime will always exist in one form or another. The European Association for Secure Transactions (EAST)found that in 2016 transaction reversal fraud was up 147% compared to 2015, highlighting how certain types of attacks are becoming more prevalent in some geographical areas.
Customers of financial institutions expect all of the latest digital innovations to be integrated into the products and services offered to them, but these enhancements can introduce new and more dangerous cyber threats to the sanctity of their personal data. Never before has combining effective cybersecurity, ever ready to confront today’s emerging risks, with rapidly changing technological improvements been more critical.
In the recent massive ransomware attack, which threatened institutions, businesses, and organizations in 99 countries, unless victims paid the required ransom, hackers didn’t discriminate; they successfully targeted hospitals, Telco’s, government offices, and thousands of businesses with WannaCry, the breed of malware that they used to propagate the attack.
Cybersecurity is a growing risk area for all businesses at the moment. In particular, over the past year it has become glaringly obvious that there are a number of gaps in cybersecurity protection and infrastructure when it comes to the banking sector.
It seems that not a week goes by without news of a major hack attack on a bank or financial services organization. The latest hacker attack targeted the Russian Central Bank, and cyber-criminals made off with sensitive data from customers of Indian banks who held three million debit cards at five banks.
Cybercrime is one of the most critical growing threats facing the global-banking industry today, and it managed to claim another major victim recently. On the weekend of November 5th and 6th, 2016, Tesco Bank was subjected to a hack that saw £2.5 million siphoned off from 9,000 of its accounts in what some security experts are describing as the most serious attack to ever hit the United Kingdom’s banking sector.
With billions to be made from hacking into their networks, banks around the world are having to expend more resources to thwart the efforts of ever-more enterprising cybercriminals. Although the threat is growing especially to banks in developing countries, efforts to stop it are also strengthening through collaboration among industry partners.