Case in Point

Study illicit ‘exfiltration’ and cryptocurrency to prevent fraud



Cryptocurrencies and cybercriminals aren’t going anywhere. Here’s how some fraud examiners discovered systematic patterns of attacker activity at a bank and instituted controls that protected the institution and helped a cryptocurrency exchange prevent future attacks.

Financial institutions, capital markets and government organizations are discussing, debating and developing a framework for how cryptocurrencies will fit within the financial services industry, and how to manage and regulate the risks of adopting technology.

Meanwhile, cybercriminals’ evolving tools and techniques, which they use to quickly convert ill-gotten gains from customers’ banks accounts into cryptocurrency, are challenging anti-fraud teams within financial institutions to keep up. And now Facebook’s move into the cryptocurrency marketplace is heightening the tensions. (See Washington Has Doubts About Facebook’s Libra Payments Network, by Steven Russolillo, The Wall Street Journal, July 12, 2019.)

Cryptocurrencies and cybercriminals are here to stay. We can keep one step ahead by learning more about both that will help all organizations — not just financial institutions.



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