An international survey of online financial threats has found that 48% of consumers have been targeted by online scams designed to defraud and trick them into revealing sensitive and financial information for criminal gain. More than one in 10 has lost money as a result of being targeted online.
The research was conducted by security specialist Kaspersky Lab and market researcher B2B International, which canvassed over 12,355 consumers around the world. The results are published in a report entitled ‘Consumer Security Risks Survey: From Scared to Aware – Digital Lives in 2015’.
Almost half of Internet users encountered financial threats across the 12-month period surveyed. Threats included receiving suspicious emails that claimed to be from a bank (22%) or retail site (15%) and suspicious web pages asking for financial data (11%).
Among the financial threats experienced, 6% of respondents lost money due to online scams or fraud, 4% fell victim to data leakage and loss through a financial organisation and 3% have had cryptocurrency (such as Bitcoin) or e-money funds stolen. In all, 11% of global users reported having money stolen from them online.
The research found that where money was stolen, victims suffered an estimated median loss of £195, although 22% lost at least £690/US$1,000. Only 54% of those affected by money loss managed to recover all of their stolen funds and 23% were unable to recover any of the loss.
“The variety of online financial threats against consumers is growing,” said Ross Hogan, global head of fraud prevention division at Kaspersky Lab. “Along with the more traditional-style scams, we are starting to see cybercriminals exploit and look for new ways to defraud consumers, making it even more important for Internet users to be on their guard when conducting online financial transactions or clicking on suspicious links pertaining to be from their bank. We are urging Internet users to use security software to protect themselves from these threats and secure themselves from the dangers of financial loss.
“While monetary loss as a result of a financial organisation data breach or cryptocurrency scam is still relatively low, it is a lucrative way for online fraudsters to target and steal money from Internet users. We are working with banks and financial institutions to ensure they have sufficient protection in place to, not only prevent such losses from occurring, but to maintain their reputation and customer trust. With new threats evolving every day, consumers expect their providers to keep up and ensure the safety of their money and financial transactions.”
The most interesting outcomes of PSD2 will be derived from companies combining open banking with data from other areas like social media or government, argued Miles Cheetham, Open Banking Ltd.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
Far and away, the largest financial market on the planet is the foreign exchange currencies market, where on average individuals and organisations trade more than $5 trillion daily. In the FX world, the ability to master the market isn't considered a luxury for treasury officers–it's a necessity.