Cyberwarfare / Nation-State Attacks , Events , Fraud Management & Cybercrime

Stopping Cybercrime: Are Banks Doing Enough?

Should financial services firms be doing more to combat fraud? "I absolutely think they could be doing quite a bit more," says Trevor Reschke of software vendor Trusted Knight.

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Many firms continue to write off a certain amount of fraud as a cost of doing business. But every lost dollar can come back to directly haunt not just the firm, but every one of us, Reschke stresses.

"Unfortunately, that ... money that's been leaving the financial institutions is going back to organized crime, and what we've seen is, it has legitimized career paths in many countries where maybe there's not a whole lot of opportunities," he says.

In a video interview at the 2018 Infosecurity Europe conference in London, Reschke discusses:

• The difficulty of attributing attacks, especially as government and criminal attacks become harder to distinguish;
• How the Russian government allowed the evolution of the country's online criminal networks, and how it now uses it informally;
• Attacks against the financial services sector, and how it could be doing much more to combat cybercrime;
• Governments' role in protecting physical - and critical - infrastructure.

Reschke, threat intelligence officer at Trusted Knight, is a former counterintelligence special agent. He formerly managed the incident response team and the vulnerability assessment team for the U.S. Army Regional CERT in Europe.