Based on the current reports published by McAfee, financial fraud and cybercrime cases are costing a great sum of around US$600 billion. This is equal to the 0.8% of the overall GDP and creates an urgent need for more effective security and safety techniques.
Well-known financial organizations are dominating from the front end, by incorporating the advancement and upgraded cyber-security services. This helps in securing the information and customer privacy. Small scale players are trailing the pack in an IT industry which is around the worth of US$153 billion, internationally.
Insight into Strategy:
With the rapid change in financial scenario, the market view is also changing. The advanced technologies are providing the platforms and tools for the high paced changes in upcoming tiems. This upgradation is highly supported by Big Data that is penetrating broder and deeper since [past few years. Financial insititues and banks have the right to access more data regarding their customers and their pattern of expenditure. Even though this has resulted in the emergence of chatbots for resolving the customer issues, still, the banks are now focusing on the advanced technologies for example machine learning and artificial intelligence to reduce the financial risks.
A survey carried out in 2018, by PwC calculated that around 49% of the international firms have gone through financial crimes in last two years. The chances of electronic fraud has risen due to increased online transactions. Moreover, cyber criminals can now use the cryptocurrency exchange to withdraw or transfer the money from their fraudulent activities.