41st Parameter, part of Experian and leader in online fraud intervention, warns of the growing threat of cyber fraud and need for cybersecurity to protect customers and businesses
New research, published by Experian in the UK, reveals that one in six adults has fallen victim to a cyber-attack. Furthermore, sixty per cent of smartphone users, and almost half (48 per cent) of tablet users, said they had no malware protection on their devices, leaving them totally vulnerable to hacking by cyber fraudsters. This is despite nearly half using mobile phones for internet banking and one in three for online shopping and is against a backdrop of an 80 per cent increase in phishing attacks directed at mobile devices globally over the past year. Cyber-attacks can be anything from phishing emails, which could result in a fraudster taking over an online account, a fraudster accessing personal details and then using them offline to commit fraud, to session hijacking attacks where a user’s browsing is interrupted by a hacker, monitored or even hijacked.
Ori Eisen, Founder of 41st Parameter and Experian fraud leader, comments: “This year has proved a tipping point for smartphones and tablets. The rapid rise in demand for online banking and retail combined with very little security on devices has created a massive opportunity for cyber criminals leaving many people and businesses extremely vulnerable. There are approximately five billion connected devices globally, serving a billion online bank accounts and contributing $13trillion to global ecommerce sales and transactions. With so much at stake, the opportunities for fraudsters are countless and we need to do more – as an industry and as individuals – to protect ourselves.”
A survey of 2,000 UK adults showed that the vast majority of people recognise the need for safeguarding their PCs and laptops against online fraud threats, with 93 per cent claiming to have security or antivirus software installed. However when it comes to mobile devices, tablets or smartphones, it is a different story and many people are still vulnerable with little or no protection. This is reflected by the estimated 25 million unique strains of malware, resulting in an 80 per cent annual increase in phishing attacks, and 600 million customer information records hacked1.
Source: Experian Press Release