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Elevating the fight against financial crime
The connected defense
Fourth Industrial Revolution (4IR) technologies like the Internet of Things (IoT) and cloud computing are connecting us in ways we had never imagined. This has led to a remarkable level of business innovation and advanced technical solutions while also creating a landscape of financial crime, cyber, and money laundering risks.
These blurred lines have formed new and more innovative forms of financial crime which not only manifest in the financial sphere, but they’re surfacing in other industries as well. From our homes to our workplaces to our cars and airports, our collective connectivity increases the digital attack surface for cyber, cutting across smart factories, health care institutions, and even home appliances.
But there is good news: The same technologies that are responsible for creating the modern digital criminal ecosystem can be harnessed to detect and, in many cases, prevent these crimes before they occur. Companies can elevate and intensify the fight against financial crime beyond the level of battling criminals by ensuring that the basics are in place. To do so, companies should take the following steps:
- Develop cross-organization goals: Integrate data sets across teams to form a coordinated strategy to share information, data, and technologies in unison.
- Create global partnerships: Cultivate visibility across the globe through internal and external collaboration and information-sharing partnerships.
- Elevate the solution set: Leverage the power of threat intelligence, data science-driven advanced analytics, and machine learning techniques to detect and prevent criminal activities.
Financial crime is a multifaceted and far-reaching problem impacting nearly every organization. While criminals are indifferent to corporate structures, many organizations still have dedicated, teams to combat and detect cyberattacks and financial crime. Threats to even the largest multinational business can be manifest in seconds.
Thankfully, organizations today have access to a wealth of data, tools, and modeling techniques they can use to combat even the most sophisticated crimes. These tools, technologies, and techniques that make financial criminals intimidating adversaries for organizations can be repositioned to fight crime.
By using 4IR technologies, data can be organized, shared, and analyzed in the cloud more easily. Organizations can fuse data across cyber, fraud, and anti–money laundering into a single data set—and interrogate the information through more sophisticated means than traditional ways.
Read the full article to learn how organizations can proactively build an ecosystem of security to match—and possibly eventually exceed—the criminal element they are charged with thwarting.
Whether you operate in the financial industry or not, increased digital connectivity is making combating financial crime a universal problem. For more information about financial crime, please do not hesitate to contact us using the contact information below.
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