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    Financial Crime and Fraud in The Age of Cybersecurity: Team-A8 Adlin Dsouza Aparna Amala Bhaskar Donald

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    Adlin Kaushal Dsouza 19008
    This document discusses financial crime and fraud in the context of cybersecurity. It notes that financial crime is a trillion dollar industry, and that expenses to combat money laundering average $8.2 billion annually. Reasons for increased financial crime include greater automation, digitization, and expanding borders due to technology. Cybercrime and hacking have also increased substantially. Governments are targeting these issues through increased sanctions, revised regulations, and actions against risky entities. The document advocates for a holistic approach combining cybersecurity and financial compliance measures to effectively address increasingly sophisticated financial fraud facilitated by digitization and blurring boundaries between different types of crimes.

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    Financial Crime and Fraud in The Age of Cybersecurity: Team-A8 Adlin Dsouza Aparna Amala Bhaskar Donald

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    Adlin Kaushal Dsouza 19008
    38 views14 pages
    This document discusses financial crime and fraud in the context of cybersecurity. It notes that financial crime is a trillion dollar industry, and that expenses to combat money laundering average $8.2 billion annually. Reasons for increased financial crime include greater automation, digitization, and expanding borders due to technology. Cybercrime and hacking have also increased substantially. Governments are targeting these issues through increased sanctions, revised regulations, and actions against risky entities. The document advocates for a holistic approach combining cybersecurity and financial compliance measures to effectively address increasingly sophisticated financial fraud facilitated by digitization and blurring boundaries between different types of crimes.

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    This document discusses financial crime and fraud in the context of cybersecurity. It notes that financial crime is a trillion dollar industry, and that expenses to combat money laundering average $8.2 billion annually. Reasons for increased financial crime include greater automation, digitization, and expanding borders due to technology. Cybercrime and hacking have also increased substantially. Governments are targeting these issues through increased sanctions, revised regulations, and actions against risky entities. The document advocates for a holistic approach combining cybersecurity and financial compliance measures to effectively address increasingly sophisticated financial fraud facilitated by digitization and blurring boundaries between different types of crimes.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    38 views14 pages

    Financial Crime and Fraud in The Age of Cybersecurity: Team-A8 Adlin Dsouza Aparna Amala Bhaskar Donald

    Uploaded by

    Adlin Kaushal Dsouza 19008
    This document discusses financial crime and fraud in the context of cybersecurity. It notes that financial crime is a trillion dollar industry, and that expenses to combat money laundering average $8.2 billion annually. Reasons for increased financial crime include greater automation, digitization, and expanding borders due to technology. Cybercrime and hacking have also increased substantially. Governments are targeting these issues through increased sanctions, revised regulations, and actions against risky entities. The document advocates for a holistic approach combining cybersecurity and financial compliance measures to effectively address increasingly sophisticated financial fraud facilitated by digitization and blurring boundaries between different types of crimes.

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    FINANCIAL CRIME AND FRAUD IN

    THE AGE OF CYBERSECURITY


    TEAM-A8
    ADLIN DSOUZA
    APARNA
    AMALA
    BHASKAR
    DONALD
    FINANCIAL CRIME & FRAUD

    ▪ Trillion dollar industry - Fraud & financial crime (as per WEF)
    ▪ AML expenses averages at around $ 8.2 billion (in 2017 alone)
    ▪ Reasons :
    ▫ Increased automation & digitization
    ▫ Greater volume
    ▫ Ever expanding borders of banks
    ▪ Cyber crime & hacking have also increased considerably
    ▪ Government measures:
    ▫ Increasing sanctions on rogue nations
    ▫ Revised rules by regulators
    ▫ Targeting risky individuals ,private & public companies
    2
    Evolution of financial frauds :
    ▪ Holistic approach is needed by leaders to counter these
    ▪ Digitization has made frauds more sophisticated
    ▪ Boundaries are blurring between financial crime & fraud
    ▪ Ex: Carbanak attacks in 2013
    ▪ Most of these crimes gain access through phishing attempts
    ▪ Banks have to approach this by combining cyber crime & financial crime
    ▪ Straightforward, channel specific approach to one will not work
    ▪ Combining cyber security & financial compliance measures is the way forward

    3
    CANARA BANK ATTACKS

    19044-BHASKAR SATHEESH
    CONVERGING CRIME PATHWAYS

    FRAUD AND INSIDER CYBER BREACHES FINANCIAL CRIMES


    THREATS
    • Internal and External • Confidentiality • Money laundering
    threats • Integrity • Bribery and Corruption
    • Retail and Non-retail • System Availability • Tax evasion and Tax
    threats fraud

    • Insider threats
    • Market abuse and
    misbehaviour

    19044-BHASKAR SATHEESH
    BANKS OFTEN FOCUS ON:

    • TOTAL FINANCIAL-CRIME
    • FRAUDS
    • CYBERSECURITY COSTS.

    Donald K Abraham
    Donald k Abraham
    Collaborative model

    Maintain their independent roles, responsibilities, and reporting.


    Cooperating on risk taxonomy and data.
    Analytics for transaction monitoring, fraud, and breaches.

    Partially integrated model


    Works from a consistent framework and taxonomy.
    Following mutually accepted rules and responsibilities.

    Unified model

    In this fully integrated approach, the financial crimes, fraud, and cybersecurity operations are consolidated into a single

    Donald K Abraham
    The 3 models to address financial crime
    Traditional model : Ongoing model : partial Future model:
    collaboration integration complete integration
    Model features Independent in Maintains independence but Consolidated unit under a
    framework, reporting, roles, uses a consistent framework single framework
    and responsibilities with agreed upon rules and to manage risks
    responsibilities

    Pluses [merits] ⁺ Least disruptive ⁺ More unified ⁺ Enhanced ability to


    ⁺ Regulators most familiar ⁺ Consistent structure attract and retain
    ⁺ separate reporting talent
    ⁺ Standard framework
    ⁺ Benefits of scale
    Minuses ⁻ Less visibility into overall ⁻ does not increase ⁻ While converging
    [demerits] financial-crime risk transparency Largest organizational
    ⁻ Potential gaps ⁻ No scale benefits change
    ⁻ No scale benefits ⁻ risks remain
    differentiated
    ⁻ Regulators will be less
    familiar with setup

    Adlin Dsouza
    The imperatives of integration
    or the crucial needs for integration

     the crimes themselves are already deeply interrelated and therefore The integration of fraud and cyber security operations is
    now an imperative step

     now the essential tools for the prevention, detection, and mitigation of threats is enabled by the enhanced data and analytics
    capabilities .

    Adlin Dsouza
    THE TARGET FRAUD RISK OPERATING MODEL;
    KEY QUESTIONS FOR BANK

    PROCESSES AND DATA, TOOLS GOVERNANCE PEOPLE AND


    ACTIVITIES AND • Governance ORGANISATION
    • Customer TECHNOLOGIES bodies for each • Relevant
    identification and • What data should risk type stakeholders
    authentification be shared across • Specific, Seperate • What skills and
    • Monitoring and cyber responsibilities the count of
    detection of security,frauds? • What personnel
    anomalies • What tools and measurements are • What shared
    •Responding to risk frameworks should used to set the risk activities should be
    converge? appetite bys risk housed together
    • What systems and type • Optimal reporting
    applications do? structure

    AMALA THOMAS 19020


    HOLISTIC VIEW
     Efficient and effective fraud risk management.
     Importance of independent oversight.
     Duties clearly de-lineated in the three lines of defence.
    ULTIMATELY INSTITUTIONS WILL,
     Integrate Business
     Operations
     Security
     Risk teams

    AMALA THOMAS 19020


    HOWAnswers
    TOtoPROCEED
    the following questions;
    1. Process
    2. Activities
    3. People and Organisation
    4. Data and Technology
    5. Governance

    Facts

     Integrating Cyber security and fraud units


     Results in greater risk effectiveness and efficiency
     Important roles, responsibilities activities and capabilities
     A leading US Bank setup a holistic “centre of excellence” to enable end to end
    decision making
     A global universal bank combined all operations into a single global unit;
    Which gives a holistic view of customer risk, also reduced the operating cost by
    hundred million dollars

    AMALA THOMAS
    19020
    THANK YOU

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