FIVE MINUTES WITH ...
MARTIN REHAK
CEO OF
We spoke to Martin about how Artificial Intelligence ( AI ) is helping to combat financial fraud .
“ TODAY ' S ATTACKERS ARE CLEVER AND CONSTANTLY CHANGE THEIR ATTACK METHODOLOGY AND IDENTITIES ”
WHY ARE BANKS SO OPEN TO CYBERCRIME AND FRAUD ? The risk of fraud in financial services is much larger and harder to define than in other industries , meaning that banks have the most to lose . Fraud is costing businesses across the world US $ 5 trillion each year , according to research from Crowe in conjunction with the Centre for Counter Fraud Studies at the University of Portsmouth .
Banks will always be the number one target for cybercriminals , as that is where the money is kept . As a bank you have to protect your customer ’ s money , their information and your reputation . But the environment today is radically different – regulation , financial climate and competition from fintechs is far more intense and forces you to transform under an intense pressure on your margins . At the same time , the attackers get more sophisticated , they have learned to target complex environments and use financial innovation , such as blockchain and instant payments , against us .
HAVE FINANCIAL CRIME THREATS INCREASED RECENTLY ? Absolutely . Today ’ s attackers are clever and constantly change their attack methodology and identities . They are using more sophisticated tactics which makes it difficult for cyber security teams to keep up .
Over the past 12-18 months , we ’ ve seen an increased online presence for many businesses , widespread remote working and new schemes for payments such as Buy Now Pay
20 December 2021