Banks Need Hi-Tech Software to Mitigate Explosion in Fraud
Banks in the region facing escalating fraud need software with machine learning and advanced data analytics capable of spotting wrongdoing in real time, Raffael Maio of NetGuardians writes.
Financial institutions across Asia Pacific face a rising tide of fraud. According to EY, the variety and sophistication of cyber-attacks have all increased exponentially over the past two years in the region.
In real terms, this translates to hundreds of millions of dollars being stolen. This summer, for example, the UN estimated that cyber-crime was costing the ten countries in the Association of Southeast Asian Nations (ASEAN) alone between $120 million and $200 million a year – a sum that is taking its toll not just on the bottom line but also on reputation and trust.