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    Bradley Associates: Internet anti-fraud strategy involve customers

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    OPINION: Internet anti-fraud strategy must also involve customers

    David Johnston is a former commander at Scotland Yard specializing in investigating economic crime and now runs Commander Solutions, which advises clients on crisis management and anti-fraud strategies.
    The internet, though only 22 years old, has arguably triggered the most important development in financial markets for many years.

    It offers many benefits and opportunities to banks and their customers but there is a negative side: technology is being exploited by criminals.

    This hit the headlines recently when 12 men were arrested over an attempt to take control of a Santander bank computer and steal millions of pounds.

    In a separate case, police arrested eight people last week saying a gang had stolen £1.3million by hijacking computers at a Barclays branch.

    But banks and central banks are assailed by many cyber-threats that never become public.

    And if a serious attack is not thwarted, it could damage not just individual banks, but the financial system as a whole.

    The first challenge is to deliver effective regulation to police the electronic highways. No one should be under any illusion about the difficulty of that task.
    Networks are now mainly privately owned and managed and are international. This raises significant challenges, including questions about sovereignty and how to ensure compliance across national boundaries.

    The speed at which technology grows and the rapid introduction of new services mean that regulation is quickly overtaken and rendered impotent. The only solution is a fundamental change in the way that governments, corporations and individuals look at the internet.

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    5 years ago
    i was looking for such easy task from a long time this post really help me in increasing my knowledge. thanks a lot
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