Financial Crime World

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Cybercrime Threat Looms Large Over Spanish Finances

Despite widespread use of digital channels for banking and financial transactions, a staggering 78% of Spaniards believe their bank is concerned about their digital security. However, this sense of security may be misplaced as nearly half of all Spaniards, 46%, do not think they could be a victim of a cyberattack.

Survey Findings

According to a recent survey conducted by Sigma Dos in collaboration with CECA:

  • 84% of Spaniards feel safe when banking online
  • Banks are the institutions that inspire the most confidence among users, followed by public administrations
  • 85% of people acknowledge receiving cybersecurity awareness information from their bank, but only 54% pay attention to it

Perceived Security

The survey found that traditional banking institutions are the most trusted by users of digital channels when it comes to the management and protection of their personal data. Banks scored an average rating of 7.5 out of 10 for perceived security, followed by:

  • Public administrations
  • Online shopping platforms
  • Digital financial services providers

Threat Perception

Despite these findings, cybercrime remains a significant threat in Spain. The survey found that Spaniards perceive cyberattacks as a growing danger, with an average rating of 8.3 out of 10.

  • Messages with suspicious content sent via email, SMS or WhatsApp are seen as the greatest threat
  • Fake calls on behalf of a known financial institution or company are the second most concerning threat
  • Contact from strangers via social networks is also identified as a significant threat

Lack of Training and Awareness

The lack of training among users of digital channels is seen as a major contributing factor to the rise in cyberattacks. Six out of ten respondents admitted to having limited knowledge of cybersecurity, with this being more pronounced among those aged 65 and over.

  • One in five respondents believed that their bank could contact them via email, SMS, WhatsApp or telephone to ask for their login username and password

Response and Education

In response to these findings, banks are committed to creating and disseminating content aimed at promoting good cybersecurity practices among their customers. However, despite efforts by banks to educate their customers, only 54% of respondents said they pay attention to this type of communication.

  • Younger people were found to be the least responsive to these communications, with only 33% taking them into account

Conclusion

The survey highlights the importance of public awareness and training in cybersecurity, as technological prevention measures are often ineffective against social engineering techniques used by cybercriminals. In conclusion, while Spaniards may feel safe when banking online, the reality is that cybercrime remains a significant threat that requires continued vigilance and education to prevent.