Cybercrime in the Financial Sector

The Financial sector totally depends on information in order to function. The clients in the banks are not only provided financial services but also security services. Giving clients the assurance of Confidentiality, Integrity and Availability of their financial information is a key function of financial information. Information systems and technology are critical for the financial institutions. Most of the financial sectors rely on detection solutions, through this they usually get to their system loop holes and how they were vulnerable, so that next time they are secure enough. Most banks do not want to disclose to the public incidents of breaches for fear of damage to their reputation and customer loyalty, but without open communication banks are not making progress when it comes to security analysis and preventing future hacks. Some banks have started to unite behind closed doors, but the financial industry needs to create a knowledge-sharing standard. The reality is that most hackers collaborate, so banks should too. Keywords:financial sector, vulnerability, future hacks Mitigating Cybercrime in the Financial Sector through the use of Forensics Mitigating Cybercrime in the Financial Sector Through the use of Forensics Nowadays, the rate of cybercrime has increased to a great level. Each time the hackers and attackers are trying different ways to get into the systems. But even detecting such frauds, attacks and breaches has become easier with the upcoming technologies. A forensic investigation is often run over when a fraud or attack takes place in the financial sector or be it any critical infrastructure in the world, to know how it was done, what were the loop holes and how to mitigate these permanently and make the financial sector safe and secure. Earlier the forensic investigation would take so long and was similar to finding a needle in the haystack. But, now with the upcoming digital technology and everyone becoming techno savvy it has become easier for attackers to do crime and also investigators to find out who did it and how it was done. Literature Review In Dzomira (2014) research paper reviewing digital forensics technologies as E-fraud risk mitigation tools in the banking industry. This paper researched on digital analytical tools and technologies used in the electronic fraud prevention and detection, used in the banking industry. He found out that fraud detection and prevention tools and technologies would be most effective way of eliminating e-fraud if they could be utilized. Mitigating Cybercrime in the Financial Sector through the use of Forensics Risks in the Financial Sector.As the financial data and records are now in digital format and everything has been recorded digitally it has become more vulnerable. Digital frauds are taking the form of cyberattacks, like system hacking, ransomware and phishing attacks. Therefore, it is advisable that financial sectors should rebuild their anti-fraud strategies to be effective by considering fraud detection efforts using advanced analytics and related tools, software and application to get more efficient day by day. Rise of Forensic Investigation. Digital Forensics plays a vital role in investigating frauds nowadays. Investigators and other common people have started relying on the power of forensic technologies, computation capability and massive data storage capacity, and also have started using them as the associated prices to use this technology has significantly reduced. With the advancement of forensic tools and technologies, the ability to collect data from new devices like smart phones, computers, tablets, cloud servers, hard drives, thumb drives and compact discs have become easier. This gradual move towards digitalization helps electronic discovery tools in searching electronically stored information more efficiently. These electronic discovery tools can convert images of physical documents into searchable texts via optical character recognition and can also search electronic documents faster and makes multitasking possible in an easier and less time-consuming way. These tools have an international collaboration among the investigators and different parties like lawyers and regulators who can side by side search and review digital evidences on an electronic platform which is also a benefit to investigations in the world. Mitigating Cybercrime in the Financial Sector through the use of Forensics 5 Steps to mitigate financial crime. To mitigate crime in the financial sector the banks and other companies must know how to direct their financial crime risks and supervise their financial crime investigations with the help of forensic technologies. The financial sector can considerably increase the potency and reduce the cost at the same time. 1. Establishing technology to expose risks associated with business partners like agents, distributors, employees and vendors. 2. Execute periodic forensic data analytics on previous financial accounts and operational data for indicators of control fragility or signs of future fraud. 3. Site continuous monitoring technology to punctually detect indicators of control fragility. 4. Conduct proactive cyber threat chase on internal systems for signs of a system compromise above the cyber penetration testing. Challenges of Fighting Financial Crime Keeping up with the new technological changes is proven difficult for the banks. But non-compliance can be very costly. These costs include fines, remediation, termination of business and temporary or permanent constraints on selling certain goods. The financial sector has invested a lot in increasing security and meeting the rules and regulations. But in spite all this sometimes there are some loopholes that always remain. The attacker will always have a backdoor created for themselves. As money is the only thing that binds the whole world, people are always competing to be financially sound. And the people who are not financially sound try to find alternate ways to achieve their goals. Some people sincerely work towards it and some people try finding shortcuts and easy money, ending up becoming hackers, thieves or criminals.

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