In our networked, digital era the threat of cybercrime is growing exponentially.
Banks face a big challenge. They must safeguard our money and by extension protect our trust in them. And at the same time they must move with the times and allow customers to bank in the way they want – with their mobile phones, using contactless payments and so.
Arguably security is the biggest existential threat banks have. Not necessarily because of the direct costs, although fraud does cost the banking sector $67 billion per annum, according to the Association of Certified Fraud Examiners. But because trust is so inextricably bound up with banks' value proposition and possibly their biggest defence against new competitors.
The silver lining, however, is that while fraud risks are growing, so are the range and sophistication of the solutions that can help banks to improve security and prevent fraud.
The conversation addresses a range of topics such as where are the biggest security threats coming from, how does PSD 2 and Open Banking affect the threat level, how does the threat of internal fraud compare with external fraud and should banks be collaborating with each other in their efforts to combat fraud.
We hope you enjoy!