60 per cent of organisations in Spain not adequately protected against cyberfraud

60 per cent of organisations in Spain not adequately protected against cyberfraud

• Experian warns of the growing threat of cyberfraud and the need for cybersecurity to protect customers and businesses alike.
• The banking and telecommunications sectors are the most common targets for cybercriminals. 
• Poll comes as Experian holds its Future of Fraud and Identity event today in Madrid, featuring conversations with Ori Eisen and Frank Abagnale

Madrid, Thursday, 12 February 2014 – A poll of senior managers in leading Spanish businesses conducted by Experian, the global information services company, today reveals that 60 per cent of large Spanish organisations are not adequately prepared to deal with evolving cyberfrauds.

The poll, which was conducted among 150 senior managers, revealed that a strategy resilient enough to proactively manage fraud and protect those organisations against hackers, fraudsters and identity thieves, was yet to be developed.

The findings come as Experian today holds its Future of Fraud and Identity event - an exclusive interactive conversation with Ori Eisen, the founder of 41st Parameter, the leading provider of dedicated fraud prevention solutions, now a part of Experian, and Frank Abagnale, one of the world's most respected authorities on fraud and subject of the best-selling book and movie 'catch me if you can'.

Tackling issues of both cybercrime and financial fraud at the event, Experian highlights that the issue of fraud is a particularly significant one for banks and telecommunications operators. 

Felipe Fernandez Atela, Market President Experian Spain, explains: “From our work in these industries, we estimate that the average credit card fraud in Spain can amount to €3,000 per case. This increases to €5,000 and €10,000 for fraudulent loans.  For mortgages, the loss can be between €80,000 and €500,000 for each case.  The increasing number of smartphones, smartwatches, tablets and other devices contributes to this and plays a fundamental role in the future development of cybercrime.”

In Spain, according to a report by the Ministry of the Interior[1], the highest number of criminal offences in relation to cybercrime is related to computer fraud.  This is followed at some distance by threats and coercion, as well as unlawful access and interception of communication.

Ori Eisen, Founder of 41st Parameter, part of Experian comments:

“The past year has proved a tipping point for smartphones and tablets. The rapid rise in demand for online banking and retail combined with very little security on devices has created a massive opportunity for cyber criminals leaving many people and businesses extremely vulnerable. There are approximately five billion connected devices globally, serving a billion online bank accounts and contributing $13 trillion to global ecommerce sales and transactions. With so much at stake, the opportunities for fraudsters are countless and we need to do more – as an industry and as individuals – to protect ourselves.”

Felipe Fernandez Atela, Market President Experian Spain, concludes: “We are seeing some major global fraud trends and Spain is not immune to these issues.  Today’s event has highlighted what organisations need to be aware of and the technology that is available to help them protect themselves and their customers. 

“But there is also good news in Spain as some vital steps are already being taken towards fraud prevention. Last year, we launched the first initiative to prevent fraud in the financing sector.  Our fraud solution processes more than 10 million credit applications per year and is successfully used by large prestigious financial entities and automotive groups.

“Furthermore, the creation of the Asociación Española de Empresas contra el Fraude (Spanish Association of Companies against Fraud), supported by Experian, which aims to share fraud data will have a positive impact on preventing application fraud when buying a finance product.  Not only are these actions important to protect organisations, but they safeguard consumers as well.”

Experian offers some advice to individuals on how they better protect their mobile device and their personal information.

Smartphones can hold a wealth of information, from cached passwords to online accounts and apps, contacts and other personal information. People should try to follow these best practices to ensure they are protected:

1. Always use a home screen lock on your mobile device.
2. Don’t store account names and passwords or digital pictures of your passport.
3. Remember that public Wi-Fi networks are riskier than private networks, so be careful with the information you access and share when out and about.
4. Your email account is linked to many other accounts and can hold a large amount of personally-identifiable information. Beware of phishing – if an email seems suspicious, don’t open it or click on any links within the email. A legitimate company will never ask for your account details via email. If contacts have received emails from you that you did not send, change all your online passwords immediately.
5. Social media sites can reveal your date of birth, maiden name, email address and enough information to help a fraudster identify possible PIN and/or passwords. Consider how much you really need to share.

People who think they have become victims of identity fraud should notify the police, contact their bank and check their credit report. In addition, Experian makes available the Fichero DER (Lost and Stolen Documents) that aims to protect consumers by monitoring their personal data during situations where identity fraud can occur, such as robbery.

ENDS

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[1] Source: Cybercrime balance of the Ministry of Interior

http://www.interior.gob.es/documents/10180/1207668/Avance+datos+ciberciminalidad+2013.pdf/5de24ec6-b1cc-4451-bd06-50d93c006815