Cyber criminals earning £750m with insecure passwords

As most of the high street banks are showing a blind eye while providing online security to their customers, consumer watchdog ‘Which?’ states that it is paving a way for the hackers to earn £750 million each year.

Also, the privacy advocating firm stated that its analysis has discovered major flaws in a few of the renowned banking websites that could lead to money drain from accounts of customers in suburbs of UK and Europe.

Which? researchers claim that the issue deteriorated after the corona pandemic instigated lockdown as most of the consumers went online, instead of visiting banks for services on a physical note.

UK Finance, a banking trade governing body in Britain discovered in its research that the first two quarters of the year 2021 witnessed £350 million cyber fraud committed because of the usage of an insecure password by online banking customers and warned that it could become a national security threat within no time.

Which? released the results after analyzing data of online and mobile banking users belonging to 15 of the largest banks that provide services related to current and savings accounts.

Based on a 5 point theory and conducted by 6 of the independent security experts, the main criteria while fetching the fraud related results were encryption, protection, login, account management and navigation.

Good news is that the banks that were conned starting taking the security of their customers seriously from the past 2 years and striving their best to improve the security online with many proactive solutions.

However, the bad news is that most of the customers are still showing heedlessness while using insecure passwords to access online services, thus encouraging the criminals to conduct more crime in years to come.

Note- Please use an alphanumeric password tucked with 1-2 special characters for your online-bank login and make sure that you use only the banking service that allows deployment of a 2FA for conducting online transactions.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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