RSS feed Get our RSS feed

News by Topic

BizReport : Internet : October 31, 2016

Two-thirds of cybercrime victims fail to report incident

Despite high levels of awareness about cybercrime, nearly half of consumers continue to fall victim, according to new research released by software security firm MarkMonitor.

by Helen Leggatt

In their survey of nearly 3,500 consumers across the U.S. and Europe, Opinium (on behalf of MarkMonitor) found that 45% of consumers had fallen victim to cybercrime.

However, a whopping 65% had chosen not to report the incident to the authorities.
This is despite a high level of awareness among consumers (87%) of the dangers of transacting online and tactics used by cybercriminals.

The most common type of cybercrime consumers had fallen victim to was false requests to reset social media account passwords (20%) followed by emails impersonating brands, such as banks, to solicit personal information (17%).

Furthermore, 20% of consumers said they had lost funds to the tune of £1,000 (US$1,200) due to online fraud.

When it comes to online transactions, consumers were most confident when transacting via established channels such as banking apps or online retailers rated as trustworthy by 52% and 50% respectively. Social media channels (16%) and social media advertising (14%), however, were channels consumers were least confident in in terms of keeping their private details safe.

"Cybercrime is affecting both brands and consumers, and is only set to rise as our use of the Internet increases. As a result, there needs to be a multi-layered approach to online brand protection, to ensure customer trust, reputation and bottom line are maintained," said Mark Frost, CEO, MarkMonitor. "This research demonstrates that consumers are not only aware of the severity of cybercrime and the tactics employed, but also the effects these attacks have on the brands themselves. Yet despite these high levels of awareness, they are still falling victim to cybercrime."

Tags: cybercrime, fraud, security, trends

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.