November 1, 2017
Technological disruption affects many industries—from the old guard automotive companies reacting to electric powertrains and self-driving cars, to opportunities the consumer electronics industry is finding by connecting products to create an internet of things. The financial services industry (FSI) has already ridden the initial wave of technological disruption and turned it into opportunity, and now innovative startups are again pushing the latest technologies to the edge.
Unfortunately, the specter of cybercrime still looms large for both new FinTech and RegTech startups as well as established banking and other FSI players. Criminals have embraced disruptive technologies as a new avenue to exploit, and as consumers and businesses move their finances online, criminals follow.
Staying One Step Ahead
Companies that invest in technology to ensure regulatory compliance and security measures are being followed, and use machine learning to predict and prevent fraud, can stay ahead of the criminals. For example, high-performance computing technologies are driving the adoption of compliance tools to help the FSI navigate the complex web of regulations they have to follow. Companies are using increasingly advanced machine learning algorythms on increasingly sophisticated hardware platforms to spot and prevent fraud attempts, not just discover them after the fact. And investors are using artificial intelligence to spot risky or outright fraudulent investment opportunities.
We hope the articles in this issue shed some light on cybercrime and how technology is being used to combat it.