TRENDING specialisms that partner up to hijack , steal , and ransom . And if the BFSI sector is to stand against them , it will need stronger arrows in its quiver .
Fraudsters are adaptable . They take to new technology like ducks to water . Entire underground sub industries supply them with cloud services , machine-learning models and mass-communication systems that threaten even the largest global brands . They employ social engineering to trick victims into disclosing sensitive information that allows gangs to dodge security measures . There is a new popular saying in cybersecurity : They do not hack in ; they log in .
The data is out there , but if it is not all available at the right time in the right context , then the fraudster slips through our fingers yet again .
Legacy challenges
So , what is the solution ? The UAE banking sector is a leader in service innovation , from chatbots to e-branches . We cannot stop this train . Nor would we want to . It adds immeasurable value for customers . This leaves intervention and defence , but we already know that point solutions do not , in isolation , meet the standard needed to eradicate fraud . We have been down that road and seen for ourselves that fraud is alive and well .
Collaboration would help , but often we find information silos even within a single organisation , so to inspire industry-wide unity would be challenging at best . Nonetheless , partnerships and collaboration have the most promise . The criminals themselves have shown us the value of working together . We must have open lines of communication between all stakeholders . And we must initiate a shift to proactive tackling of fraud rather than waiting for the criminal to make off with the funds before opening an investigation .
Silos prevent contextual analysis . Legacy infrastructure and territorial habits among departments conspire to create a situation where the organisation may be in possession of all the pieces of the puzzle but cannot assemble them into a picture . Any investigation conducted by automated means will only be as effective as the data it can access . If a fraudster can slip under the radar simply by spreading their activity among entities that do not communicate with one
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