Forever gone: 41% online cyber fraud victims don't get a penny back | delhi | Hindustan Times
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Forever gone: 41% online cyber fraud victims don't get a penny back

delhi Updated: Aug 23, 2013 00:10 IST
Sanjib Kr Baruah
Sanjib Kr Baruah
Hindustan Times
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Theoretically, if fraudsters managed to steal money from an e-banking or e-payment account, that cash may be returned by the bank or as a result of legal proceedings. But don't bet on it yet.

Findings of a global study cum survey have indicated that while about 45% of victims of online financial frauds were fully compensated, 41% did not get back even a penny of their own money. The findings also say that only about 14% recovered part of the stolen sum.

The joint survey by research agency B2B International and leading Russian cyber security company Kaspersky Lab comprised 8,605 respondents, men and women from 19 countries in Europe, the Americas, the Middle East and the Asia-Pacific region, with all participants over 16, more than one-third of them with at least one child and the overwhelming majority users of the Internet and various mobile devices.

According to the reports of 33% of the victims, the money was most often irretrievable if it had been stolen during an e-payment operation. In 17% of cases, the money disappeared during e-banking sessions, 13% of the victims were the customers of online stores.

Banks and online stores return money to their customers more often than, for example, e-pay systems. In general, only 12% of online customers received full compensation for losses incurred from malicious attacks, but for banking customers the figure climbs to 15%.

The findings also indicate that 45% of respondents believe the bank is responsible for paying back any money lost during online operations and 42% of those surveyed think the bank should provide free security tools to safeguard money transfers.