Cyberfraud – Why Businesses Need To Be Prepared

The risks posed by 'traditional' forms of fraud (undertaken by dishonest employees or directors diverting funds from client accounts) will always be of concern to financial services businesses. However, the threat of cybercrime, and particularly email fraud, has become a growing issue for both regulated entities and fraud practitioners looking to tackle offences undertaken by sophisticated criminals acting remotely.

Profound changes in technology and connectivity have provided the clients of financial services businesses with the ability to open and operate accounts via the internet. They expect rapid transfers, ease of access to credit and debit cards, and wireless payment platforms. Whilst providing highly desired functionality, these innovations open up individuals and businesses to fraud on an unprecedented scale.