Unaware banks with unaware customers

Recent survey conducted on online scams showed that over a 12 month period more that 25% of banks in the Asia-Pacific region ran across numerous attacks aimed to elicit financial information online.

However the existence of the fraud risk is not a sole problem so far. Ignorance of the security importance adds to the juncture. 75% of the polled confessed their being unaware of the impact of cyber security on their operations. More than 60% of the surveyed banks didn’t make particular investment of their funds into online security but instead included it into the overall technology budget while only 20% of banks made every effort to protect online transactions.

Furthermore 80% of the respondent banks say that there are no plans developed to have their customers be more aware and informed of identity theft and financial fraud risks.