Banks and other financial institutions are the most attacked institutions in the world which accounts for millions in losses according to RSA, one of the IT Industry’s leading security firms. The rise has been foreseen and predicted for many years yet banks are simply not taking it too seriously. Phishing involves the leeching of client information from bank networks for use in scams and fraud. This type of attack sits next to identity fraud and credit card fraud as the most expensive financial loss generators for the banking industry. The phishing attacks target mostly US based firms with the UK ranking second. Many countries are following as targets for phishing by hackers who aim to use the information they obtain for personal gains.
The banking industry is considered to be one of the most secure and IT dependent industries in the world but the diversity and sheer number of attacks is taking its toll on their systems prompting them to take notice. Credit Card fraud alone accounts for billions in losses worldwide that is suffered by financial institutions adding to that the newer types of attacks making it an IT Security Managers worst nightmare. In Europe, Germany is hailed to be the financial hub in the region yet it has managed to repel attacks which isn’t the same with it’s other neighboring countries. More strict legislation might be needed to deter criminals who now opt to use computers rather than a gun which is safer and involves less effort.
The Credit card Fraud problem is being addressed by the implementation of PCI DSS which is to secure and prevent hackers from getting card customer information while it is in transit over the network. The attacks now focus on more public domain which is the internet through social networks which is where most phishing attacks usually occur.

Categories: IT Security Basics, Malware, Network Security, News, Real-World Issues, Security Policies | Tags: Bnaking IT Security, Credit-Card-Fraud, Fraud, identity-theft, Scams | Do you like this article? Submit it to Blogosphere News!