Thursday, October 6, 2011

Online money transfers 'face security fears' | Skrill Corporate

While consumers are becoming more proficient and confident making online money transfers through banking and payment processing services, some concerns still remain over internet security.

A recent study from McAfee has found that 92 per cent of people in the UK carry out some form of online banking, but over half of respondents are worried about their financial information being stolen.

It found that while people were predominantly aware of online crime and how to prevent it, some 54 per cent of people polled admitted that they only used very basic anti-virus protection software.

While this can identify and remove potential risks, the security firm claimed that certain threats such as rootkit technologies, phishing sites and some forms of malware can go unnoticed.

"Most instances of banking fraud are not due to the bank's technology being compromised," argued McAfee's Europe, Middle East and Africa chief technology officer, Raj Samani.

"It's more likely that people are unwittingly giving out their personal banking information to criminals via phishing scams and copycat sites, or their computers are being infected with malware," Mr Samani added. This can include the growing problem of junk mail, which masquerades as legitimate emails from banks and asks consumers to confirm their passwords and account details.

A separate study by McAfee and conducted by Gabriel Consulting Group has found that there is a serious disconnect between security perceptions and reality in internet merchant account businesses.

Almost two-thirds of data protection professionals revealed that their management staff believe security to be stronger than it actually is. Only 22 per cent of respondents reported that senior employees were fully aware of their firm's true levels of protection from external and internal cyber threats.

Dan Olds, principal analyst at Gabriel Consulting Group, claimed that this news was worrying and signalled a need for companies to share key security information to help reduce security risks.

Mr Olds commented that: "Management needs to seek out the truth when it comes to IT security, and data centre management needs to be frank and honest when discussing the strengths and weaknesses of their security measurements.

"Obviously, it's far better to discuss potential security issues before they're exposed by a breach," he added.

The report also found that more than 40 per cent of respondents feel that their organisation's security pace is too slow and does not allow them to keep up with the most recent cyber threats.?

Both these pieces of research signal the need for internet merchant accounts to ensure that their security software is fully up to date, to prevent cyber attacks and to ensure consumers using their online payment processing options that their site offers a safe way to make money transfers and purchase goods.

The top reason consumers choose to abandon their online shopping cart is because of security concerns, a recent survey by Postcode Anywhere discovered.

This was followed closely by over-complicated payment forms, while forcing potential customers to sign up or become members of a website was also found to be very off-putting.
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Source: http://corporate.skrill.com/2011/10/online-money-transfers-face-security-fears/2607/?utm_source=rss&utm_medium=rss&utm_campaign=online-money-transfers-face-security-fears

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