The total number of account takeover attempts reported byfinancial institutions has more than tripled since 2009, accordingto survey results from the Financial Services Information Sharing and Analysis Center.
|The second Account Takeover Survey from FS-ISAC's AccountTakeover Task Force found that financial institutions reported 87account takeover attempts in 2009, 239 in 2010 and 314 annualizedin 2011.
|The survey, conducted by the American Bankers Association,questioned 100 financial services firms for the entire years of2009 and 2010, and for the first half of 2011.
|FS-ISAC shared several positive results as well: the percentageof account takeover cases in which monetary transactions werecreated and funds exited the financial institution decreased from70% in 2009 to 32% in 2010 and 2011.
|The percentage of account takeover cases that were halted beforefunds left the financial institution increased from 24% in 2009 to44% in 2010 and fell slightly to 41% in 2011.
|Actual dollar loss amounts stabilized for financial institutionsand dropped for customers in the two-and-a-half-year time period,FS-ISAC said. The amount reported for financial institutionsfluctuated from about $732,000 in 2009 to $3.1 million in 2010 to$777,000 annualized in 2011. Customer losses fell from around$944,000 in 2009 and $1.2 million in 2010 to $490,000 annualized in2011.
|Survey respondents also named their top solutions for reducingaccount takeover fraud. The four highest-ranked solutions werecustomer education, implementation of a new multi-factorauthentication system, cutting off customers' online commercialsystem access in cases of anomalous activity detection, andimproving upon an existing multi-factor authentication system.
|Based in Reston, Va., and founded in 1999, FS-ISAC is anon-profit organization dedicated to combating security threats in the financial services sector.
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