Online banking fraud has doubled since 2011, claim Cambridge University security researchers

guest · May 31, 2019

Online banking fraud has doubled since 2011, claim Cambridge University security researchers
Governments need to do more to combat online fraud, researchers argue
May 31, 2019
https://www.computing.co.uk/ctg/new...ven-year-period-from-2011-to-2017-study-finds

Writing under Light Blue Touchpaper and led by Professor Ross Anderson, the research examines the growth and costs of online crime, which back in 2012 was estimated as half of all crime. The findings will be presented next week at the 2019 Workshop on the Economics of Information Security.

About 50 per cent of all property crimes, by value and by volume, happening across the world are now carried out using computer and internet. In 2012, it was hypothesised that this might be the case, but now the fact has been established through several victim studies.

In the UK, online banking fraud more than doubled in cost since 2011, from £51.1 million to £121.4 million in 2017, according to the official figures.
The 2019 study also points out that governments need to take more steps to prosecute criminals operating cybercrime infrastructure, in order to prevent them from stealing the hard-earned money of innocent people.
Click to expand...

Research: The Changing Cost of Cybercrime
(PDF - 422 KB): https://weis2019.econinfosec.org/wp-content/uploads/sites/6/2019/05/WEIS_2019_paper_25.pdf

For comparison the 2012 paper is here, while a separate study on the emotional cost of cybercrime is here.
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Minimalist · Aug 2, 2019

Five examples of user-centered bank fraud

In today’s digital-first world, banks and financial service companies need to allow their customers to easily manage money online in order to compete. Unfortunately, most banking platforms were not designed securely and hackers have been taking advantage of these built-in weaknesses ever since banks first went online.
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https://www.helpnetsecurity.com/2019/08/02/user-centered-bank-fraud/

Rasheed187 · Aug 3, 2019

Minimalist said: ↑

Five examples of user-centered bank fraud

https://www.helpnetsecurity.com/2019/08/02/user-centered-bank-fraud/
Click to expand...

But seriously, it's quite easy to secure online banking. Hardware tokens are the key.

https://www.onespan.com/products/hardware-authentication

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