Two interesting stats have caught my eye this week:
- Cybercrime has now become the second most commonly reported economic crime affecting companies in the financial services sector (PWC)
While counter-fraud groups such as the NFA’s ‘Fighting Fraud Together’ and Get Safe Online are a positive step, and while it’s good to hear yesterday that the European Commission is going ahead with plans for a
Cyber Crime Centre, what’s striking to me is the sense of “c’est la vie” that was picked up by PWC when it conducted the research.
There still seems to be a certain acceptance amongst commerce and financial services in particular concerning fraud and cybercrime, a cost of doing business, so to speak. What the figures from PWC show is that criminal methodologies around fraud are changing
and that cyber attack is now the modus operandi, and that the criminals are successful on a massive scale. This NFA report is clearly a call to action.
Financial services firms’ fraud strategies need to take into account a “zero tolerance” approach to fraud. The amount of data attractive to cyber criminals is only going to increase as the use of apps, mobile wallets and online and mobile banking channels
are used more and more by both consumers and businesses.
Security mechanisms must be robust enough to deal with the latest techniques an the only means of securing against cyber-based attacks is to take a multi-factor, multi-layer, out of band (OOB) approach, and, to my mind, one of these factors should be voice
biometrics. This is something that we’re beginning to see happen, but as both of these stats show, there is still some way to go and time is not on our side.