Banking Technology May 2021 issue out now
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Better together: building resilience against cyberattacks
This month’s edition of the Banking Technology magazine puts the perennial issue of cybersecurity and protection from online fraud in the spotlight.
According to the National Fraud Intelligence Bureau (NFIB) Fraud and Cyber Crime Dashboard, there have been more than 470,000 reports of fraud in the UK over the last 13 months, with collective losses of £2.5 billion.
Industry body UK Finance is advocating for new legislation that will put the responsibility on the online platforms to remove fraudulent content.
As our reporter Ruby Hinchliffe writes in her monthly column on page 25, “there has been no end to the creativity – or shamelessness – of these ploys for our money”. As one example, criminals have been posing as the UK’s National Health Service (NHS), sending text messages to vulnerable residents claiming to offer them the chance to apply for a coronavirus jab.
Misha Dorman, principal consultant at Altus Digital, puts forward several actions for the financial industry to adopt so that it could better protect itself and its customers from fraudsters and criminals in the digital space. Among these are more joined-up efforts across the industry (rather than just within sub-sector groups) and support from the regulators. “Together, we can push each other further and improve the whole industry’s resilience and defences,” he writes (see page 10).
Dan Drechsel, general partner for Panoramic Ventures, flags the rise of tech firms in the US – and their funding – that protect from cybertheft and identity fraud by developing advanced solutions to validate a user’s identity online. OneTrust and Trust Stamp are two such companies – both have recently raised capital for their privacy, security and authentication solutions (see page 13).
As always, there is lots more from the world of banking and tech on the pages of the magazine. And, as always, we hope you find this edition interesting, informative and useful!
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Banks should take a more responsible approach when implementing technology that gives online access to customers data. More regourous testing and quality assurance is needed.