Banks, Financial Institutions remain the unabated targets of cyber criminals in the last decade

Kindly Share This Story:

Cybercrime simply stated is an economic offence committed using the computer and internet as a medium, source, instrument, target, or place of a crime.

“Today’s incidents, yesterday’s strategies – As the digital channel in financial services continues to evolve, cyber security has become a business risk, rather than simply a technical risk”

-Anonymous

Pattison Boleigha in a paper titled CYBERCRIME – NATURE AND TRENDS presented at a Two-Day Workshop for Business Editors and Members of Finance Correspondents Association of Nigeria (FICAN) Organized by the Nigeria Deposits Insurance Corporation (NDIC) said with the swift expansion of computer, mobile and internet technologies, new forms of worldwide crimes known as “Cyber Crimes” has evolved in the scene. Over a period of time, the nature and pattern of Cyber Crime incidents have become more sophisticated and complex.

The theme of this year Annual Workshop: The Nigerian Banking Sector: Challenges, Opportunities and the Way Forward, At Coronation Hall, Government House Kano, 23rd-24th November, 2017.

“At Access Bank, we embrace a moderate risk appetite, whilst delivering strategic objectives. We anticipate the risks in our activities and reward behaviour that aligns with our core values, controls and regulations. Challenges are discussed in an open environment of partnership and shared responsibility.”

Boleigha said banks and financial institutions remain the unabated targets of cyber criminals in the last decade. Notably financial gain is still one of the major motivations behind most cybercriminal activities and there is little chance of this changing in the near future.

“Electronic financial services are services provided to customers via electronic devices i.e. Computers, mobile phones, ATMs POS etc. over the internet. Some of these Financial services include Online enrollment, loan processing, cash withdrawals and deposits, bill payments, funds transfers, balance enquiry, purchase of goods and services etc.”

Traditional E-Platforms

  • Internet Banking
  • ATMs
  • POS
  • e-Commerce
  • Mobile

Emerging E-Platforms

  • QR CODE
  • USSD Technology
  • Social Media
  • Bluetooth
  • Artificial Intelligence(Chatbots)

 

The speaker pointed out some of the benefits this electronic financial service provides customers are:

  • 24/7 availability
  • Convenience
  • Flexibility
  • Efficiency
  • Speed
  • Security etc. – however this security is being threatened and it’s the reason we are having this conversation today, she stressed.

According to Boleigha, cyber criminals’ methods have 3 main traits:

  • they’re advanced
  • they’re persistent
  • They’re always transforming.

 

“Virtual currency remains the currency of choice for the payment for criminal products and services in the digital underground economy and the Darktweb. Virtual currency has also become the standard payment solution for extortion payments. The Darkweb continues to enable criminals involved in a range of illicit activities, such as the exchange of child sexual exploitation material. The extent to which criminal groups currently use cyber techniques to conduct attacks are limited, but the availability of cybercrime tools and services, and illicit commodities such as firearms on the Darkweb, provides opportunity for this to change.”

 

IMPACT OF CYBERCRIME

Financial Loss

Reputational Damage

Loss of Customer Loyalty

Fines

Withdrawal of license

Parallel economy

Boleigha said cyber crime is definitely becoming tougher to detect adding that cyber criminals are trying to stay ahead of the game by coming up with different methods to prevent detection – and that’s definitely going to continue. The more advanced criminals are getting, the more advance solutions like ours needs to be as well.

“There are no-one-size-fix-all or quick solutions to preventing and detecting Cybercrimes.

However, Boleigha advised that adoption of a layered approach in the implementation of controls while striking a balance between service and security.

The speaker further profiled more solutions saying emphasis on security awareness for staff and employees and engagement with regulators and knowledge sharing sessions.

“As cybercrime tactics become more widespread and fatal, financial institutions must continuously test, re-test and revise (TRR) their controls, tools and strategies to stay ahead of the criminals in preventing and detecting cybercrimes.”

 


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: