Global Banking and Finance Review, UK: Cognizant’s Europe Head of Banking and Financial Services Recommends Six Steps to Tackle Financial Crime in Banking

“In the financial services industry, disruptive technology is generally seen as an enabler of business growth, as well as an enhanced consumer experience,” says Balajee Sethuraman. “However, the rapid advance in cybercrime techniques means that the merging of the financial services with technology is actually, at times, jeopardizing assets.” Excerpts:

“Cyber criminals are constantly trying to target our wealth and our identities, and the threats are gathering pace.

As a result of factors such as globalization, proliferation of banking channels, rising transaction volumes and advances in technology, financial firms of all sizes are increasingly vulnerable as they struggle to keep up with the sophisticated techniques associated with the hacker of today.

Financial institutions are faced with ever-evolving regulatory requirements including updated AML (Anti-Money Laundering) compliance.

Despite banks making huge investments in security and compliance measures, a fragmented approach to financial crime may limit their success in preventing it.

Banks need to continuously adapt and enhance their policies and approach to fighting cybercrime to protect data assets and optimize revenues.

Banks must adopt a proactive approach that prioritizes building an appropriate internal culture, implementing adequate defenses and collaborating with the wider industry and regulators, to avoid high technology procurement and maintenance costs and attract employees with the right skills.

With a horde of cyber-criminals targeting their clients’ wealth and identity every single day, it has never been more important for banks to keep up with — and surpass — the techniques of cyber criminals.”

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