TOP SOCIAL AND DIGITAL THREATS FACING FINANCIAL INSTITUTIONS
July 11, 2019 | (11:30 AM)
USA (United States of America)
In the last several years, Financial Services organizations have undergone rapid digital transformation. They rely on social media and digital platforms to generate brand awareness, provide online banking and other financial services, and to offer support and services to customers. This has created new avenues and means for attackers who also recognize the opportunities provided by these platforms. The cost of social media financial scams exceeds $420 million annually for the top 25 banks alone. Globally, social media phishing attacks cost over $1.2 billion in losses per year and is growing.