The problem is that digital forensics is not just about computer any more – smart phones, tablets, thumb drives and more each present unique challenges in accessing data.
It is an endless game of “cat and mouse” between banks and cybercriminals. There is a virtual arms race taking place online between financial institutions and cybercriminals who as soon as the bank deploys a new process or technology to prevent online fraud, they find a weakness to exploit. Cyber banking has recently become a necessity rather than a “superfluity” service across the banking industry. As a result recent developments have shown that most of brick and mortar banks are evolving themselves by shifting their focus towards up gradation of their own e-banking capabilities.
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| Beware of CYBER-FRAUD - Are You Safe. |
Today, the challenge of combating fraud directed against a business is increased by the diversity and deceptive nature of workplace fraud and a company may realize too late that it has been victimized. Fraudsters, hackers and cybercriminals are refining their methods for account takeover and compromised identities that target bank’s customers and employees. The growth of complexity and access to technology has made susceptibility to ‘hi-tech’ crime which is a threat to businesses in the financial domain where the risk is very high. Also, cybercrime is on the rise; large-scale fraud attacks, consumer data breaches and politically motivated Distributed Denial of Service (DDoS) attacks on financial institutions are costing them billions of dollars annually.
Information Communication Technology (ICT) has brought unintended consequences in form of different cybercrimes which have affected different industries and the banking sector is one of them which have witnessed debit/card fraud, phishing, funds transfer, account takeover, identity theft, DoS and many others.One other problem is that digital forensics is not just about computer any more – smart phones, tablets, thumb drives and more each present unique challenges in accessing data.
It high time we become vigilant. What information are you you releasing to the world. Always think before you log on.
Written By SHEWANGU DZOMIRA (PhD) For Arthur Mutambara
Dr. Shewangu Dzomira is a proven researcher and scholar having published book chaptes and more than 14 articles in accredited journals related to cyber banking, cyber fraud risk management, finance and banking, business ethics, taxation and corporate governance. He is an Accountant by profession cum academia. Shewangu has presented more than 8 papers both at national and international conferences in Zimbabwe, South Africa, Europe and USA.
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