Cybercrime a growing security concern in 2013

Dec. 20, 2012

Security is ever a worry with new technologies; this is especially true for mobile banking and payments, where new technology meets financial access. And now, as mobile and ATM channels find new ways to integrate, news from cybercrime security experts at ThreatMetrix offers a reminder to proceed with caution.

According to a report released by ThreatMetrix, top cybersecurity trends and risks for 2013 included threats against mobile, alternative and emerging payments.

Threats from malware that once targeted financial institutions will increasingly affect alternative payment methods and digital currencies, ThreatMetrix reported. To blame for the expansion of malware attacks on these targets is the lack of stringent levels of protection for these financial channels, as opposed to FIs.

But even FIs lack the capacity to monitor every transaction as the number of transactions on mobile increases, ThreatMetrix said. And it's not just devices and individual accounts that are at risk, either. According to the ThreatMetrix report, data breaches and attacks on secure facilities will continue to attract hackers as well.

"This year, cybercriminals have become so advanced that security professionals are struggling to detect many of their attacks in a timely manner," said Andreas Baumhof, chief technology officer at ThreatMetrix. "As nearly every industry is increasingly targeted, businesses and consumers must make cybersecurity a top priority in 2013 to prevent fraud and malware attacks."

Baumhof also warned against apathy. "While cybersecurity and fraud prevention seems unnecessary for some businesses, cybercriminals are so sophisticated today that they can't be kept at bay for long without appropriate strategies in place," he said.

For more on this topic, visit the security research center.

Topics: ATM & Mobile Banking , Security , Skimming / Fraud , Trends / Statistics

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