Over 40 percent financial fraud victims never got even a cent returned, says Kaspersky survey

Infotech Lead America: The cost of security risks is huge as many online fraud victims do not get even a cent returned to them, says Kaspersky Consumer Security Risks Survey.

The survey revealed about 41 percent of users who lost their money as the result of financial cyber fraud failed to get a single cent returned to them via bank or legal proceedings, the survey said.

In theory, even if scammers have managed to steal money from an e-banking or e-payment account, that cash may be returned by the bank or as a result of legal proceedings. However, the B2B International survey shows that success is far from guaranteed.

According to Kaspersky survey, only 45 percent of users who suffered through online fraud were fully compensated. A further 14 percent recovered part of the stolen sum, whereas the remaining 41 percent of victims were left with nothing.

According to the reports of 33 percent of victims, the money was most often irretrievable if it had been stolen during an e-payment operation. In 17 percent of cases the money disappeared during e-banking sessions, 13 percent of the victims were the customers of online stores.

Financial Fraud

Banks and online stores return money to their customers more often than, for example, e-pay systems: in general only 12 percent of online customers received full compensation for losses incurred from malicious attacks, but for banking customers the figure climbs to 15 percent.

There is also a noticeably high level of ‘bad debt’ – 6 percent of online stores customers, 4 percent of online banking clients and 4 percent of e-pay systems users reported irretrievable loss of money.

Despite these, many users remain confident that their transactions are reliably protected by the owners of these services. The results of the B2B International survey show that 45 percent of respondents believe the bank is responsible for paying back any money lost during online operations and 42 percent of those surveyed think the bank should provide free security tools to safeguard money transfers.

To maximize profits from successful attacks, financial fraudsters have been willing to invest in special sophisticated malicious tools which antivirus solutions can find difficult to detect.  For example, they buy vulnerabilities in legitimate applications; create exact copies of banks’ sites, etc, says Kaspersky.

Kaspersky Lab has developed a Safe Money technology to protect computers from financial attacks. Safe Money is a set of high-class protection mechanisms activated automatically whenever users are banking or paying online.

Safe Money is available as part of Kaspersky Internet Security and Kaspersky PURE 3.0. It will be available in Kaspersky Internet Security – Multi-Device, a security solution for several devices working on different platforms set for release in September 2013.

Also read: Kaspersky Anti-Virus and Internet Security 2014 features

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