A Kaspersky Lab and B2B International IT Security Risks Survey conducted this year, in which over 5,000 companies from 26 different countries participated, states that our online banking transactions are not as secure as we thought. Over 30% of the participants admitted they don’t offer a secure channel in which customers can make online payments. What’s more, 29% of them agree that it’s cheaper to deal with fraud once it happens than to prevent it altogether.

This study shows that banks and financial institutions are having a hard time discerning between real and fraudulent transactions, for which their response is “we’ll deal with it as it happens”. It is left at the hands of the consumers to safeguard their accounts, being mindful that electronic transactions are still a fairly new playing field for banks and an open playground for cyber criminals. The best solution is to educate yourself on cyber security and you can start here.

Read the whole article, written by Bank News, on “Banks Failing to Provide Secure Connection for All Online Paymentslink on image below