Online Banking And Financial Services

1440 Words6 Pages
INTRODUCTION Online banking and financial services have revolutionised the consumer and corporate banking industry in the last few decades or so by giving customers the power to conduct their banking anytime, anywhere and without all kinds of paperwork and branch visits. This has been possible with the help of massive investments in information technology, systems and communication infrastructure linking the banking industry network with their universe of customers. This empowerment has also given the financial services industry a platform to create financial products with which to woo the marketplace to grow market share, revenue and profits at rates not seen before. However, this win-win situation has come at a cost for the banks. Financial crime or fraud in the last few decades was largely restricted to cheque or loan fraud by individual fraudsters. The perpetrators seem to have kept pace with the evolution in banking services. The threat landscape today is such that every time the banking industry presents innovative financial products and a convenient way to do business with its customers, it also attracts a whole new category of fraud risk and new opportunities for the fraudsters. The financial fraud fraternity today is well equipped with Information Technology (IT) tools, both in terms of hardware and software, alongside trained staff, both internal and external to the banking industry. They work as a well oiled organisation and are decentralised sufficiently to cover
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