SC Magazine has posted an article about the 2008 numbers for online fraud as reported originally in a study by APACS, a UK online payments association.

The net results? Online banking fraud rose by 132%. The article itself highlights the fact that most of this fraud occurred online and particularly speaks to the need for global adoption of multi-factor authentication. Whether or not the world can agree on a standard for multi-factor authentication remains to be seen, but I certainly agree that many of the methods employed to stop online fraud are woefully inadequate especially those that require the input of identity information.

This entry was posted on Monday, March 30th, 2009 at 6:50 am and is filed under Financial Services, Online Retail, Technology. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.