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The defence of our finances Industrialised fraud, digital money mules, social engineering… BAE Systems’ Applied Intelligence Unit takes a military approach to cyber attacks on our assets. Gareth Evans, Senior Business Solutions Consultant for Fraud Prevention, says know your enemy, work with your allies and don’t be a sitting target

Open banking, artificial intelligence (AI) and big data are all transforming the way people bank. But while greater connectivity promises wider deliverables, it also paves the way for the emergence of new vulnerabilities. The data-driven concept of open banking is being hailed as a way to revolutionise the financial services industry, increasing competition and innovation in the market. Criminals, on the other hand, see an infinite number of new vectors for fraud, making financial crime harder to identify and defeat. How to be open and at the same time more secure is the contradiction that many are working to solve. One of the biggest is BAE Systems, better known

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TheFintechMagazine | Issue 13

perhaps for national and supranational defence and security projects, from long-range missiles to military communications. Its Applied Intelligence Unit took the company’s expertise in electronic warfare and used it to improve the defence of our finances. It explores ways to confront new-age cybercriminals and develop effective strategies for cybercrime management with a proprietary suite of commercial applications under its NetReveal brand. Gareth Evans, BAE Systems’ senior business solutions consultant in fraud prevention, says that to be truly future-proofed, an institution must be a moving target – faster than the criminals seeking to attack it. On open banking, he

is clear about the benefits – and the risks. “It’s a huge opportunity for new players to come into the market, offer new products and services and change the interaction between the customer and the bank. It’s massive. But it also opens up more threats, more opportunities for fraudsters to exploit. I would say that both the biggest opportunity and the biggest threat at the moment sits within open banking,” says Evans. Open banking and the revised Payment Services Directive (PSD2), which sits at the heart of the open banking initiative in Europe, herald a shift from a closed banking model to one where banks must be able to support customer requests to share data securely with other trusted www.fintech.finance

Profile for ADVERTAINMENT MEDIA

Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13

Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13