When asked why he robbed banks, American bank robber Willie Sutton notoriously answered, “Because that’s where the money is!” Banking is still a number one target for cyber crims – it’s just the money has moved online, and so have robbers.
With banking season currently underway this month, many of the big banks have reported their financial results. Yet, as an industry, the sector is facing an uptick in cyber threats, with many UK banks’ customers reporting a flurry of email and phone scams in the first two months of 2021.
While banks are diligently investing in cyber defenses, scammers instead focus on targeting individual customers, trading on the loyalty and trust they have with financial institutions to bust open nest eggs. When money is missing from accounts, banks are blamed and trust is lost.