Security News > 2021 > February > Business email compromise is a top concern for banks

Banks worry about business email compromise Spending more/significantly more on security is a 3-year trend.

86% of respondents from banks perceive business email compromise / authorized fraud to be the greatest risk to their business over the next 1-2 years.

Against a multi-year trend of increasing sophistication and automation of fraud, opportunistic criminals leveraged the pandemic-driven push to remote operations to strike in a blitz offensive.

The rapid transition to a work from home environment created exposures that outpaced structural and procedural defenses, resulting in accelerated threats and fraud loss.

On the technology front, firms are advancing via increased levels of automation, use of backend functions like fraud interdiction, and improved customer experience for optimizing the use of these digital tools - a trend which overlaps both banks and corporates.

"Survey results show ongoing concern about business email compromise, authorized fraud, and account takeover, as well as an increase in threats faced by small and medium-sized corporate customers."

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