According to latest reports by McAfee, cyber crime and financial fraud are currently costing the global economy $600 billion. This equates to 0.8 percent of global GDP and necessitates the need for stronger than ever safety mechanisms.
Established financial behemoths are leading from the front here, by integrating advanced cyber-security solutions, to protect their data and user privacy. Smaller players are following suit in an industry that is worth more than $153 billion globally.
As the financial services landscape changes, technology is providing the tools and platforms for rapid transformation. This evolution is being strengthened by Big Data, which has become deeper and broader than ever before. Banks and financial institutions now have access to more information about customers and their spending habits. While this has led to the deployment of chat bots for answering customer queries, banks are now more interested in applying innovative technologies such as, AI and machine learning to mitigate financial risks.
PwC’s 2018 Global Economic Crime and Fraud Survey states that 49 percent of global organisations have experienced financial crime in the past two years….
