The research firm was citing figures from the Anti-Phishing Working Group, which had tracked phishing and related attacks from January to April this year.
The financial sector's increased reliance on the Web for the delivery of banking and finance services, has made it a prime target for phishers as few other industries can offer the same economic rewards it offers, according to a media statement released by Financial Insights.
While financial institutions have stepped up on their own security measures, cyber criminals have diverted their focus to customers. This trend has led regulators to take a more proactive stance on online security, noted Financial Insights.
Regulators in the Asia-Pacific region have since introduced rules aimed at tightening security loopholes that can be exploited. The Hong Kong Monetary Authority, for example, recently mandated the use of two-factor authentication for all high-risk Internet banking transactions.
Douglas A. Jaffe, associate director with Financial Insights, said: "The ability of criminals to rapidly circumvent new defensive measures should be of great concern to advocates of dual-factor authentication.
"However, an additional layer of protection, in conjunction with improved customer education and financial industry cooperation can be effective in helping improve security," he said. "The growing influence of the Web means there really is no choice but to improve online security. How best to do this, however, is still open to debate."
Play video
Asian based hackers target financial institutions, heighten focus on customers
Mr. AT Alishtari, POA and Founder EDI Secure LLLP, says the hackers who have moved to Asia and China for protection and to avoid Cybercrime treaties find banks ripe for the picking and they, as cyber thieves, just cannot leave even the areas that give them sanctuary alone. It is like the scorpion that has to kill even as it endangers itself.
Some people say it is open to debate how to protect consumers as Cybercrime treaty nations quietly enforce two factor authentication with offline devices as policy or top level encryption suggested for all businesses.
Just last month under a White House Office of Management and Budget oversight, the U.S. Commerce Department's National Institute of Standards and Technology, NIST, approved level 4 authentication as the top US standard cited in both the Privacy Act and the US Cybercrime Treaty.
A report where pundits wonder oh what will is disingenious. Everyone knows two factor authentication with an offline device is the world standard. In the U.S., EDI Secure LLLP owns a patent to single use credit card number ID that owns the process for the next 15 years in the U.S.
Posted by A.T. Alishtari, POA and Founder, EDI Secure LLLP on Monday, August 22 2005 01:06 PM