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Securites Industry Next Target of Online Fraud

Securities and brokerage survey shows firms take page from banks in fight against online fraud and identity theft

ATLANTA -- Securities and brokerage firms use lessons learned from the banking industry to take a more proactive stance against online fraud and identity theft, according to a recent survey conducted by Digital Resolve, a leading provider of online authentication and fraud detection solutions.

Although a majority of security professionals at these firms say they have already implemented technology to proactively address the growing issue of online fraud and identity theft, almost one-third have not yet employed solutions to address these threats — many are still evaluating options or taking a “wait-and-see” approach.

“We conducted this study to examine the issues of online fraud within the securities and brokerage industry as well as to evaluate the marketplace’s readiness to circumvent the attacks associated with this fraudulent activity,” said Dennis Maicon, executive vice president of Digital Resolve. “A secondary goal was to look at the type of solutions security professionals were employing. In today’s rapidly changing online criminal environment, effective security cannot be a ‘one-size-fits-all’ solution. It is important to implement technologies that address all of a firm’s top security concerns while covering every customer touchpoint.”

Digital Envoy