Collaborative Strategies to Stay Ahead of Cybercriminals
Cybercrime is now an international, professional enterprise teeming with cunning, tech-savvy digital lock pickers – adept at unleashing sophisticated attacks on banks and corporates alike. Nicolas Trimbour, Head of Fraud Prevention and Chief Data Officer for Cash Management, BNP Paribas, and Laurent Sarrat, CEO, Sis ID, highlight the greatest cyber and fraud threats confronting organisations today, together with best practices to avoid being compromised. They also outline how to deal with screening technology that flags too many false positives, which can result in ‘The Boy Who Cried Wolf’ situations.
Cybercrime and fraud are the subjects of perennial concern for banks and corporates. And as the world continues to digitalise rapidly, opening up new avenues of attack for increasingly sophisticated cybercriminals, their worries are only intensifying.
The costs associated with fighting – and recovering from – cybercrime and fraud are rising are fast too. In fact, a report published in June 2023 by ACI Worldwide, Prime Time for Real Time, predicted that the global cost of fraud for businesses will reach $40bn by 2027.
Trimbour, is not in the least surprised by such findings. “There is no doubt cybercrime and fraud are continuing to grow rapidly. Corporates globally, whether big, medium, or small, are all having to grapple with these evolving challenges, and are collectively facing millions of cybercrime attempts every month.”