ProXPN Makes Their Stand On Online Fraud Known by the World

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Survey shows online wire fraud on the rise despite controls taken by institutions to curb the online menace.

A report by bankinfosecurity.com dated July 13th 2013 (http://bankinfosecurity.com/blogs/survey-says-ach-wire-fraud-growing-p-1509) says despite increased investments in antifraud solutions and technologies, banking institutions continue to struggle with losses linked to ACH and wire fraud.

The report adds that according to the survey done, it shows that despite the investments these institutions made in security controls recommended by the Federal Financial Institutions Council in its updated authentication guidance, such as dual-customer authorization, fraud detection and monitoring, enhanced customer education and IP reputation-based tools, nearly half say those controls have not reduced the number of account takeover incidents these institutions suffered in the last 12 months.

According to the survey the respondents ranked ACH and wire fraud as the fourth greatest fraud threat they continue to face with payment card fraud, phishing attacks and check fraud ranking high up the online scam ladder.

The survey further explained that over the past year the vast majority of institutions surveyed said financial losses to online fraud have either increased or remained steady. Forty-six percent of the surveyed said despite the controls they’ve invested in they’ve not seen any reductions in the number of account takeover incidents suffered in the last 12months, while 43 percent said those controls have not reduced fraud losses at all.

ProXPN is appalled at the rise in cybercrime and the lengths that cybercriminals will go. They are urging everyone to protect themselves online and calling on Governments to find better but less evasive means to protect their citizens.

By encrypting all data, while masking your Public Internet Protocol (IP) address, VPN technology like the ProXPN VPN ensures that user’s online activities cannot be monitored or recorded by anyone, hackers included. While connected to ProXPN VPN service no one can intercept information therefore users are always reassured that their online activities are privy to only themselves.

About proXPN:
Founded in 2009, proXPN is a leading VPN provider. Unlike other services they offer free accounts. Unlike the SaaS standard practice of time-based free trials, a proXPN free VPN account lasts for life and is limited only by connection speed. proXPN Premium account users enjoy unlimited connection speeds as well as advanced features such as PPTP compatibility for mobile devices and VPN Guard™, proXPN’s method of cutting all data transfer should the VPN connection fail, ensuring all data is encrypted during transmission even if there’s a system error. proXPN’s firm stance on the importance of individual privacy and security online mirrors public sentiment expressed during debates over SOPA and PIPA.

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Alex Broster
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