Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.The Fourth Industrial Revolution has revolutionised the banking sector by eliminating the need to visit the bank for transactions, deposits and inquiries.
To address this issue, stronger cybersecurity measures, improved risk management strategies and increased collaboration among stakeholders are needed to mitigate the threats associated with emerging technologies in the banking sector. First, it is now more often that software tools are purchased online that allow the users to locate open ports or overcome password protection. This accessibility expands the pool of potential offenders beyond expert hackers and coders, allowing individuals with easy access to such programs to become involved in cybercrime. The development of “Mariposa” is a fitting example of this, a network of enslaved computers used by cyberthieves for spying and spamming.
In some cases, the risk management departments of banks may have time to assist clients in investigating stolen credentials. This delay often results in customers becoming victims of unaccepted cases, leading to the loss of their funds. Processes beyond the control of allocated investigators, frequent inquiries from victims, and dubious fraud claims that result in chargebacks contribute to the difficulty in uncovering the essence of the crimes.
Moreover, effective collaboration between banks, cybersecurity firms, law enforcement agencies and regulatory bodies to share threat intelligence, best practices and incident response strategies is crucial for the detection and prevention of financial crimes. By working together, these stakeholders can improve the security and integrity of the banking system.