The Future of Financial Crime Prevention and Cybersecurity with Distributed Systems and Computing Approaches
Veer B.P. Singh, Pratibha Singh, Shouvik Kumar Guha, Asif I. Shah, Abdullah Samdani, M.Z.M. Nomani, Mohit Tiwari · 2024
The rapid evolution of technology has led to new approaches for preventing financial crimes and enhancing cybersecurity. In particular, the use of distributed systems and computing approaches holds great potential for improving the security and efficiency of financial transactions. This review paper examines the various distributed systems and computing approaches, including blockchain technology and distributed ledgers, that can be used for financial crime prevention and cybersecurity. It also discusses the challenges and opportunities in implementing these approaches, including regulatory and compliance issues, interoperability and standardization challenges, and integration with existing systems and infrastructure. While there are limitations and challenges to overcome, the benefits of these technologies are significant, including greater transparency, reduced risk of fraud and other financial crimes, and greater innovation in the financial industry. By taking a comprehensive approach to addressing the challenges, it is possible to leverage the benefits of these technologies while minimizing the risks and limitations. This review paper provides valuable insights for financial professionals and others interested in the future of financial crime prevention and cybersecurity.