OPINION: Internet anti-fraud strategy must also involve customers
David Johnston is a former commander at Scotland Yard specializing in investigating economic crime and now runs Commander Solutions, which advises clients on crisis management and anti-fraud strategies.
The internet, though only 22 years old, has arguably triggered the most important development in financial markets for many years.
It offers many benefits and opportunities to banks and their customers but there is a negative side: technology is being exploited by criminals.
This hit the headlines recently when 12 men were arrested over an attempt to take control of a Santander bank computer and steal millions of pounds.
In a separate case, police arrested eight people last week saying a gang had stolen £1.3million by hijacking computers at a Barclays branch.
But banks and central banks are assailed by many cyber-threats that never become public.
And if a serious attack is not thwarted, it could damage not just individual banks, but the financial system as a whole.
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