Cyber-crime uncontrollable?
(15 August 2011 – Global) Two thirds of banks believe cyber-crime is uncontrollable and believe they will never be capable of eradicating the crime.
In a poll of 100 banking executives from 50 US financial institutions attending a Fundtech client conference, 66 percent expressed fears that cyber-crime was uncontrollable.
A similar majority see fraud monitoring as their biggest challenge, with 84 percent believing that better detection tools are the keys to addressing spiralling levels of online crime.
While 79 percent of executives quizzed at the Fundtech event think that only a small fraction of their business client base understands their liability for fraudulent transactions, three quarters believe that SMEs would be willing to change financial institutions for better security.
A similar majority see fraud monitoring as their biggest challenge, with 84 percent believing that better detection tools are the keys to addressing spiralling levels of online crime.
While 79 percent of executives quizzed at the Fundtech event think that only a small fraction of their business client base understands their liability for fraudulent transactions, three quarters believe that SMEs would be willing to change financial institutions for better security.
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