Asleep At the Wheel: Nearly 80% of Banks Don’t Catch Online Banking Fraud

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A new survey says almost 80% of banks aren’t catching on to online fraud incidents and are incapable of detecting the fraud before the money has been transferred. The root cause, according to the survey results, is that banks don’t have the tools and technology necessary to proactively monitor and detect fraud. According to this article on InfoSecurity.com, “it is a wakeup call for the banking community to step up and do more to prevent online cyber fraud.” In addition, about 38% of survey respondents access their bank accounts from smartphones or tablets, up from 23% in 2010. However, “the fraud rate in mobile banking is equal to or greater than the fraud rate in computer-access to online banking.”

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Elaine Rigoli

Elaine Rigoli is PRIVATE WiFi’s manager of digital content strategy.