Cyber Attacks on B2B E-Commerce – Protect Yourself and Your Business

A new report by the Internet security firm Kaspersky finds that online payment sites and well-known e-commerce sites are among the most targeted by phishing attacks.

Every fifth phishing attack registered between May 2012 and late April 2013 targeted users of banks and other financial organizations, says net security firm Kaspersky Lab, in a research study into the evolution of phishing threats.

But payment services also figure among the top targets for phishers, with payment sites registering 5.52 percent of total attacks last year.

Phishing attacks, a kind of malicious attack where cybercriminals create a fake website, have become more dangerous, as the level of technology and know-how used by these criminals has become far more sophisticated in recent years, the report warns. Typically, a phishing page contains text fields for users to enter their personal data. The type of data of interest to the cybercriminals will ultimately determine the type of phishing attack.

Phishers are now making sophisticated use of Javascript and Cross Site Scripting techniques which allow them to make use of vulnerabilities in the authentic web sites they copy, and thus fool even well-informed users.

In 2012-2013, 37.3 million users around the world were subjected to phishing attacks—up 87 percent from 2011-2012, according to the report. German e-commerce sites were among the most frequently targeted by phishing, along with those in the U.S., the U.K., Russia, and India.

These statistics outline some of the biggest concerns and biggest barriers for businesses as they look to transition their businesses—representing ~$300 trillion in B2B transactions—online, or to develop omni-channel commerce platforms in the next 3-5 years. Unless there is a tuned B2B payments mechanism in place that can give absolute security for both buyers and sellers involved in a transaction, and provide real-time, 24/7 financial transaction settlement, with full transparency to relevant data and information flows, businesses will be reluctant to migrate online – and for very good reason.

This is where Traxpay comes in. From the ground-up, Traxpay was built to address the unique needs of B2B transactions, and with its ability to provide secure electronic payments with complete transparency, and with funds more highly safeguarded than with any bank, companies can trade with complete confidence – both offline and online.

Read how Traxpay can help you stake your claim in the $7 trillion B2B eCommerce land grab ahead.

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