Simon Viney’s latest blog discusses the magnitude of the issue and the need for modern solutions to address modern fraud
Where there is money and people, cyber crime isn’t usually far behind, and this was exacerbated in 2020 when financial institutions (FIs) were knocked sideways by the pandemic. Business processes were significantly disrupted by office closures and the need to adapt back-end IT systems, while remote workers were targeted with information-stealing malware, ransomware and other serious cyber threats. On top of this their customers were callously targeted by fraudsters as the crisis forced people online more than ever before. This fast became apparent during our ongoing conversations with our customers. However, to understand the sheer scale of the problem, we conducted a survey of 902 FIs and 2,000 consumers in the US and UK to get a clear view of the current, post-COVID, threat landscape.