More than half of banks and other financial institutions do not investigate internet fraud cases, despite reimbursing customers who were victims of cyber crime.
According to a survey by Kaspersky Labs and B2B International, 52 per cent of financial companies around the world, including the GCC, paid back losses incurred by their customers. A third of the companies said they believed the cost due to cyber crime was less than they would need to pay to protect their services, reported the UAE National.
The poll revealed that 28 per cent of financial company representatives and 32 per cent of online shop employees believed that the total losses from stolen money did not exceed the cost of protecting transactions. Only 19 per cent of financial institutions and seven per cent of online marketplaces believed compensating customer losses was in the top three costs incurred as a consequence of cybercrime.