Financial institutions need to be vigilant against ID-based attacks

Entrust gives a step-by-step guide to winning the battle against identity thieves

Tags: Cyber crimeEntrust, Inc (www.entrust.com)
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Financial institutions need to be vigilant against ID-based attacks Mark Reeves, senior vice president, International, Entrust.
By  Mark Reeves Published  February 17, 2014

Today, financial institutions (FIs) offering Internet-based and mobile-banking services face increasing pressure to provide enhanced consumer protection against phishing, sophisticated malware and fraudulent activities.

Malware, phishing and fraud attacks are increasing. According to Kaspersky Lab's IT Threat and Evolution Report for Q2 2013 more than 100,000 unique mobile malware samples were detected in that quarter, which is substantially more than the previous quarter.

In fact, this was the most significant statistical category in both quantity and complexity in the report, indicating that not only are cybercriminals developing more malware targeting mobile platforms, they're also advancing their capabilities and behaviours. 

The UK also has the third highest incidence of phishing websites. Not surprisingly, payment services (47.6%) and financial services (27.32%) are the most targeted verticals.

How can FIs protect themselves against online attacks? Our advice is to invest in long-term solutions that enable FIs to adjust their security controls to keep pace with ever-changing and evolving threats.

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