Cyota Phishing Survey Shows: 75% of Accountholders Concerned,
but Bank Education and Awareness Help Alleviate Fears
Cyota Announces Key Findings From Its Financial Institution
Email Fraud Survey 2004
NEW YORK--(
BUSINESS WIRE)--May 4, 2004--
Laptop Battery Cyota, the leading provider of
anti-fraud and
security solutions for financial
institutions, today announced some of the key findings from its
Financial Institution Email Fraud Survey 2004 conducted in
April. The online survey, representative of the online U.S.
adult population with a bank account, is the first survey to
focus on the growing trend of financial institution email fraud,
also known as phishing.
Phishing Threatens Consumers' Trust in the Online Channel
- Cloudmark Inc., grade messaging security, today announced the results of a survey conducted on its behalf by YouGov, which revealed that public confidence in consumer brands is dramatically affected by phishing attacks, with 42% of people surveyed feeling that their trust in a brand would be greatly reduced if they received a phishing email claiming to be from that company. The survey also showed that the majority of consumers feel that the responsibility for protection against phishing attacks lies with themselves, their service provider and the service provider that transported the phishing emails.
Thinkpad As banks continue to encourage their accountholders to utilize
their online services, fraudsters have begun exploiting
accountholders' trust in their financial institutions and the
online channel. Cyota's survey shows that 75% of accountholders are
less likely to respond to email from their banks, and over 65% said
they were less likely to sign-up or continue to use their bank's
online services. In addition, consumer trust in e-commerce proved
to be affected by phishing, 74% accountholders expressed that they
were less likely to shop online due to phishing.
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Microsoft Banks Need to Invest More in Education - Consumers Fins It
Effective According to Cyota's survey, while the current level of
bank education is low, accountholders believe that bank education
is needed and effective. De-facto, most accountholders, 67%, had
not received any kind of communication or warning about phishing
from their banks, but 91% of accountholders answered that
communication from their bank in regards to phishing is helpful.
Only 30% expressed a high level of confidence that they could
distinguish between a real email and a fraudulent one.
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Laptop Computers When asked how familiar accountholders are with their bank's
online data policies, and what information they will or will not be
asked for online, 41% stated they were either unfamiliar or only
slightly familiar with their bank's policies.
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Laptop Computer Accountholders Look to Their Bank to Protect
Them
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Desktop Computer When asked whom accountholders deem responsible for protecting
them from email fraud and phishing attacks 67% felt the bank was
responsible for protecting them, while only less than 50% felt it's
the law enforcements' responsibility.
Notebooks "Our survey has affirmed what our financial institution clients
have expressed: that accountholders would like to be communicated
with, they need to feel protected in order to be confident online,
and they look to their bank to protect them," said Naftali Bennett,
Cyota CEO, "The message is clear - email fraud is a threat to
consumer trust in their bank and the Internet, it causes
significant damages, and it is not going to go away - banks must
take a pro-active role to fight phishing and secure their
customers."
Lenovo Cyota's survey, which was conducted with Infosurv, an online
market research company, included 650 responses. The survey has a
statistical accuracy of +/- 3.84% at the 95% confidence level.
Hard Drive Cyota FraudAction is the company's solution geared towards
financial institution email fraud; the modular service assists
banks to deal with an email fraud attack before it takes place,
during an attack and post attack. Cyota FraudAction is already in
use by several leading banks in the US and the UK.
Travelstar About Cyota
Gateway Cyota is the leading provider of security and anti-fraud
solutions for financial institutions, currently working with 8 of
the world's top 12 banks. Cyota services multiple clients in North
America, Europe and Asia-Pacific with anti-fraud and security
systems currently available to over 350 million accountholders.
Founded in 1999, Cyota is headquartered in New York with offices
worldwide. Cyota is led by a respected management team with
extensive experience in the security, Internet and
banking industry. For more
information please visit www.cyota.com
Laptop Parts Contacts
Software
CYOTA
Lisa Bennett, 212-977-5402 Ext. 157
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