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Business reputations at risk from growing web fraud threats

Online fraud cost 48% of Financial Services firms up to £500,000 in the last two years.

By CBR Staff Writer

A new survey has revealed that financial services organisations in the EMEA region are becoming increasingly concerned about web fraud threats.

IT decision-makers are demanding multi-layer web and mobile fraud protection solutions in order to overcome malware, phishing, credential grabbing and session hijacking attacks.

48% of organisations experienced financial losses between £50,000 and £500,000 within the last two years from online fraud, while 9% suffered damages of over £500,000 and 3% more than £1m.

More than 35% of respondents have suffered fraud losses from several online attacks. Malware topped the list with 75%, followed by phishing with 53%.

Credential grabbing and session grabbing were the main threats for 53% and 35% of respondents, respectively.

Regarding defence strategies, 37% of organisations opted to prefer web fraud defence using hybrid solutions, combining on- and off-premises provision.

Meanwhile, 55% of respondents said they have adopted multi-layer fraud prevention solutions.

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Endpoint embedded solutions were preferred by 62% of those polled, while 59% were in favor of page navigation analysis to detect suspect navigation patterns.

The survey, which was commissioned by F5 Networks, revealed that 52% of the respondents allocated the majority of budget for web channel fraud protection, while 36% invest in mobile fraud protection.

F5 EMEA security director Gad Elkin said: "Whether it is phishing attacks, Man-In-The-Middle, Man-In-The-Browser or other Trojan-based activities such as web injections, form hijackings, page modifications and transaction modifications, the dangers of web fraud are unavoidable and extensive for organisations of every stripe.

"More than ever before, it is vital to understand the nature of the threats and to implement solutions that eliminate attacks before they do real damage. Those that get it right will be rewarded with customer loyalty and profit. Those that don’t risk incurring the very thing that they are most concerned about: damage to their reputation."

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