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Kaspersky Lab: e-commerce portals not protecting financial transactions

Kaspersky Lab Anti virus

Kaspersky Lab and B2B international conducted a survey relating to the financial transactions done on e-commerce portal. The survey highlighted that only 52% of the financial companies and 46% of the e-commerce portals feel the need to take essential measures to protect the financial transactions. The survey also suggests that the e-retailers are least interested in protecting the financial operations. 36% of them are not interested in going for security solutions and only 38% are willing to invest in such solutions.

There are about 30% of the companies that deal with cash flows on the internet and they are not planning to provide any sort of protection on customer devices during the time of transaction. 28% of the companies do not pay any heed towards installing any type of anti-fraud software and 30% of companies do not try to protect their own information infrastructure against fraud. The survey also indicates that the threat of cyber-attacks targeting financial data is also increasing day by day.

Commenting on this survey, Ross Hogan, Global Head of the Fraud Prevention Division at Kaspersky Lab said, “Every day, criminals are less likely to rob banks by running in and yelling ’This is a robbery!’ before shooting at the ceiling. More and more crimes are migrating to the online world. Cybercriminals target banks by going after the least protected links in the chain – customer devices and the online financial transactions carried out with those devices. In order to protect customers and their money – and hence the reputation of the company – financial organizations are encouraged to use integrated, multi-layered solutions that provide proactive fraud prevention to maximize effectiveness and optimize user experience. The use of a unified platform that provides protections both at the customer endpoint and within the bank’s environment provides context driven, comprehensive prevention that point solutions fail to deliver.”

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Heena Gupta

A reader at heart, this girl loves to express through writing. Her ears perk up as soon as she senses any tech molecule in the air. With the ability to use and navigate typical technologies she becomes a complete tech enthusiast. This post graduate in Mass Communication lives in the world of gadgets. Fiction, history and cartoons keep her busy in the free time. Her urge to grow mixed with excellent writing skills forces us to have her as a part of our workforce.

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