Anti-Money Laundering (AML) , Fraud Management & Cybercrime , Fraud Risk Management

Crypto Banks: The Security Road Ahead

IDC’s James Wester on Developing Ways to Battle Fraud
James Wester, research director, worldwide blockchain strategies, at IDC

Crypto banks that handle crypto assets need to develop new ways to track suspicious activities, such as money laundering, says James Wester, research director, worldwide blockchain strategies, at IDC, a technology research and analysis provider.

See Also: Check Kiting In The Digital Age

“The current system of ‘know your customer’ or KYC is not as rigorous in digital banks," Wester says. "AML, risk and compliance still haven’t been done particularly well, since these banks are relatively new. So the main challenge for these banks is to learn a whole new way of watching for suspicious transactions and then tying it back to the right regulator."

In a video interview with Information Security Media Group, Wester discusses:

  • The evolution of crypto banks;
  • The security challenges for these banks;
  • The security technologies these banks leverage.

As research director, worldwide blockchain strategies, at IDC, Wester examines the technologies, architectures and concepts behind blockchain and how they are being applied to financial services, manufacturing, energy, government and healthcare.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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