Online Thefts Against Banks and Clients Flourish Despite New Focus on Cybersecurity

By Daniel Bethencourt

The world's largest banks are increasingly devoting resources to guarding their infrastructure against large-scale cyberattacks, and installing new controls to prevent hackers from generating fraudulent payment messages to steal from them. At the same time, more sophisticated and readily available malware has also enabled smaller, online heists against their clients to flourish, raising concerns that the financial services industry has yet to find, or implement, a strategy that stands a reasonable chance of preventing customer accounts from being compromised and drained by criminals. Many banks monitor their online interactions with clients in real-time and employ automated systems that generate alerts...