October 5, 2011
Cybercriminals are actively targeting the financial value chain, and financial institutions are feeling the pain—particularly on the commercial side, according to a study by Aite Group.
This report, the first in a series of five on online and mobile fraud in financial services, is based on research collected during three Aite Group studies as well as Aite Group conversations with more than 40 vendors in the space.
Malware and other online attacks are actively targeting the financial value chain, and financial institutions are feeling the pain—particularly on the commercial side. Aite Group estimates that corporate account takeover will result in $210 million in North American losses this year alone, a number that will reach $371 million in 2015.
There will be 25 million new, unique strains of malware released per year by the end of 2011, and that number is expected to grow to 87 million by the end of 2015. The news is not entirely bleak, as the industry has developed a number of approaches to protecting itself.
“It is much easier to be a successful bad guy than a successful good guy; a criminal who is successful in one of 100 attempts will make off with a tidy sum,” says Julie Conroy McNelley, senior analyst with Aite Group and co-author of this report. “Banks, on the other hand, must seek perfection in their attempts to protect themselves and their customers.”