Head2Head: A United Approach to Tackling Fraud and Cybercrime
by Bruce Meuli, Global Business Solutions executive, and Jonathon Traer-Clark, Head of Strategy, Global Transaction Services, Bank of America Merrill Lynch
BM Accuracy, confidentiality and security are fundamental to every financial transaction. Over time, these conditions haven’t changed but the methods of executing transactions have been transformed into a complex collection of global electronic payment networks with myriad participants and flavours. However, just as the means of transacting payments have evolved, so too have the risks: for example, cybercrime is now widely cited as a primary risk to the global economy. Has digitisation really changed everything?
JTC Well, not quite. Yes, we have been forced to adapt to a world where technology is often the foundation of fraudulent enterprise risk, but the risk to a corporate treasurer is the same today as it always has been – humans doing bad things. Cybercrime is simply a digital version of human (mis)behaviour.