Cyber crime is a reality that is exceeding with mushrooming fintech (financial technology) and increasing integration/intra-operability. Various 2018 predictions about the merging of cyber and traditional financial crimes may actually prove too conservative, as in the recent past.
Cyber attacks and cyber crimes will continue to grow. The nexus between this activity and money laundering/terrorist financing is also likely to increase.
There are three major factors driving the convergence of financial and cyber-crimes: (a) Proliferation of technology in Banking where more banking transactions will shift to digital and most channels fall beyond the control of a secure single banking environment. Cyber-security shall remain foremost among the priorities with companies locked-in an arms-race to stay-ahead of (or even catch up to) highly sophisticated cyber-criminals; (b) limited digital and process awareness across FIs which is exploited by tech savvy criminals to breach through without organizations realizing the larger impact of such breaches; and (c) the speed that technology provides to do bigger fraud in less…
