E-Crime in Banking Sector
Ajms · 2014
Several bank’s IT infrastructure and applications are being exposed to system outages and cyber-attacks. One of Britain’s biggest online banks was forced to shut down its website as customers were able to access each other’s accounts. In Norway, a hacker led to a major software problem on the website of leading national bank. These cyber-crimes demand global solutions. Though some progress has been made in this direction, a lot remains to be done. For example, Bank for International Settlements has constituted a committee involving representatives of national regulations and supervisors, which closely examine the security and reliability of electronic money. It has called for the development of prudent risk management for e-money activities and stronger cooperation with banks to identify good practice supervisors. The European Commission has started similar initiatives.