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News

Greater Sophistication In Malware Leading To Higher Levels Of UK Fraud

SentryBay : 31 January, 2011  (Technical Article)
SentryBay comments on the revelations from the NFA that the UK is falling prey to 38 billion pounds worth of fraud annually
Following on from the release of the National Fraud Authority’s Annual Fraud Indicator, which estimates that fraud is now costing the UK over 38 billion a year, Marcus Whittington, COO at SentryBay comments, “Due to the increased use of more sophisticated malware creation kits, a greater proportion of new malware is evading detection by anti-virus and anti-spyware software – and evading this detection for longer periods. Both Cyveillance and RSA studies confirm this, with detection rates for new malware now less than 20%, and detection rates even after a month still around 60% for even the best anti-virus software. Furthermore, the malware kits themselves are more focussed than ever on targeting personal information, not just passwords and credit card numbers but enough data to create full identities.



“We are also noticing malware attacking phones and tablets in greater quantities, with people starting to enquire more about the security required to successfully protect data and identities on these devices, not just on their PC’s and laptops.



“What the Fraud Indicator trends point to is the need for financial institutions and other enterprises to take active responsibility to protect their customers’ personal information when they use the internet channel – not just the storing of this information internally, but protecting this data when it is entered and transmitted. They should not just be providing advice on security, nor just addressing access security for the online channel – but providing protection for all the personal and financial data that users’ submit. Solutions to protect this wider data are now needed to overlay basic, or even more sophisticated access security, to ensure customer data is safeguarded. And above all, these systems need to extend to mobile devices sooner rather than later.”
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