New Survey Finds Cybercrime Hits Financial Firms Hardest

March 4, 2014 – According to a new survey by consultancy PwC, cybercrime is the second most common type of fraud reported by financial firms, more than double the level across other industries, as criminals turn increasingly to technology as their main weapon against banks.

Key survey findings include:

• 39 percent of financial services companies that suffered from economic crime last year said they had been hit by cybercrime, compared to 17 percent in other industries.
• 45 percent of financial firms were victims of fraud last year
• Theft was responsible for the highest share of economic crime, followed by cybercrime, money laundering, accounting fraud and bribery and corruption.

In light of this elevated threat, ETA has ramped up its cybersecurity and fraud programs . Recently, ETA announced the addition of a Data Breach Summit at TRANSACT 14, the world’s premier payments technology event.  TRANSACT 14 will provide attendees with the tools to prevent future breaches and protect consumer data. TRANSACT 14 takes place April 8 – 10, 2014 at the Mandalay Bay in Las Vegas, and registration is open now at www.transact14.com.

Click here to access the survey.

About ETA

The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $4.5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers.

[spacer height=3] [divide] [spacer height=3]