Banking is one of the most intense and demanding business areas, primarily because financial institutions process other people\u2019s money, which is a huge burden of responsibility in and of itself. Reducing \u201cunwanted\u201d online and offline risks in this case is a priority. Contemporary financial institutions see online and electronic payments both as a blessing and a curse. On the one hand, it is a vital communication tool, but on the other hand it is a permanent source of cyber threats, so extra risks should be avoided by all means.<\/p>\n
Despite the fact that all banks, most payment services, and a significant portion of other organizations processing other people\u2019s money use these methods to protect electronic transactions, the cyber threat situation is dismal. The most used methods such as two-step verification, for example, used to be considered extremely secure until recently, but now they guarantee total security for neither organizations nor their clients.<\/p>\n
Cybercriminals are eager to steal other people\u2019s money. They\u2019re continually getting smarter and findning new ways to exploit other people\u2019s credulity. They create copies (sometimes very accurate) of banking sites, send users mock emails from financial institutions, intercept billing information via public WiFi networks, plant banking Trojans on both personal computers and mobile devices of users, and so on. The hit list of intruders is extensive.<\/p>\n
Criminals are becoming more interested in electronic payments, as more people use them. According to a survey by Kaspersky Lab and B2B International, about 98 percent of Internet users now make payment transactions on the Web, i.e. we are talking about millions and billions.<\/p>\n
Last year, for example, a group of cybercriminals using malware extracted more than 3 billion hryvnia (about 8 billion rubles, or $250 million) from financial institutions in Ukraine. This was just the direct loss, but there was also collateral damage: compensations to customers, litigation expenses, rehabilitation of infrastructure and the loss of confidence on the part of customers. And for organizations that manage other people\u2019s finances, the clients\u2019 trust is crucial.<\/p>\n
Protecting against fraudulent online transactions on the side of financial institutions is saving both other people\u2019s money and one\u2019s own reputation. Moreover, organizations are thereby able to ensure the loyalty of existing customers and are able to attract new ones.<\/p>\n
Unfortunately, not all customers of financial institutions take care of the security of their own online payments. About 28% of users of payment services do not bother to check if the site of a bank is real or fake, 34% of the users connect to public wireless networks on devices that do not have security solutions installed at all. The most typical situation is when a person needs to make an urgent online transaction \u2013 not having time to think about what type of connection is being used and how to make it more secure.<\/p>\n
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