According to a new survey by Kaspersky Lab, a large proportion of financial organisations can't tell the difference between online customer activity and cyberfraud.
The news doesn't bode well for consumers, who are already becoming more wary of financial institutions' ability to protect their data and money.
"Over a third (38%) of organisations admit that it is increasingly hard to tell whether a transaction is fraudulent or genuine," Kaspersky Lab said in a statement.
Due to the belief that fraudulent online transactions are increasing, many financial institutions are implementing security solutions.
Despite this though, there are still some companies that haven't taken proper security measures.
"Still, 46% of companies have either only partially implemented a solution against financial fraud, or have not implemented one at all. Among financial organisations, only 57% have a dedicated anti-fraud security solution," Kaspersky said.
The lab said that non-specialist solutions, which are used by half of electronic payment organisations, are unreliable against fraud - often showing false positives.
The company called on financial institutions to implement sufficient security solutions to prevent harm to the assets of customers.
But what can the ordinary South African do about this?
You can mostly choose to be vigilant and selective when it comes to which financial institutions you trust. For example, don't input your card details into an insecure site without an https:// url.
However most of the work is in the hands of financial institutions, who need to up their security before they lose customers.