Online Banking Fraud Is Up, But Not THAT Much!
UK online banking fraud up 100 fold? This caught my attention.
I had missed the release of the 2008 online banking fraud figures by APACS, but I subscribe to the Technology Risk Newsletter by cyber insurance underwriter CFC Underwriting Limited. Their headline "Cybercrime: Online banking fraud increases a hundred-fold" caught my attention.
On closer inspection, it seems that 132% has been equated with a 100-fold increase. I know it's bad, but it's not THAT bad. 132% is more like a 2-fold increase; 100-fold would have been an 9,900% increase. I would definately have been shocked at that. So just a mistake in the headline then, phew! But the increase is still significant and seems to relate to fraud moving to transactions not protected by chip and PIN.
General cyber crime affecting all types of websites may not be targetted at the organisation; instead it is the end users who are the target. Do you want your website to be responsible for distributing malware?
Remember, if you are considering cyber liability insurance, insurance doesn't prevent security incidents—you still have to deal with the effects, whatever the costs are.
Posted on: 31 March 2009 at 09:33 hrs
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