Even though cybercrime is one of the most prevalent economic crimes faced by financial institutions today, most banks in the Asia Pacific (APAC) region are still not ready to combat such crimes.
In a survey conducted at FICO's APAC CRO Forum, 64 percent of the 34 senior bank executives from the region claimed that they feel unprepared for today's cyberattacks, even though cybersecurity is a top priority for them.
The survey also revealed that less than half of them (41 percent) had a cyber-incident response capability in place.
Besides that, the survey results suggested that APAC banks may not be up-to-date on the latest security technology, with 58 percent of the respondents claiming that they have not heard of a predictive analytics alternative to the traditional rules-based security information and event management (SIEM).
"For many banks, cybersecurity is a shared domain of the IT and Fraud departments. In order to effectively combat the ever-evolving cybercriminals, it is necessary for financial institutions in APAC to connect fraud and cyber information, systems and investigations. This holistic approach is needed to limit damages to customers, systems and the bank's reputation," said Dan McConaghy, President of FICO APAC.
One solution that could help banks better combat today's cybercrimes is the FICO Cyber Security Analytics. Leveraging FICO's streaming data infrastructure, profiling technology and self-learning analytics, the solution identifies emerging threats as soon as they appear by picking out anomalous patterns using real-time analytics.
Another solution is the recently launched FICO Consumer Fraud Control. According to FICO, the solution allows consumers to configure their card usage controls and transactional alerts via their bank's mobile app. Consumers could also use the solution to monitor their card activities and instantly pause the card function in the event of suspected fraud or loss.
"Besides protecting consumers from fraud, the FICO Consumer Fraud Control enables consumers and active budget managers to control how their cards are being used," said TJ Horan, Vice President of fraud solutions at FICO. "The extra layer of protection may increase a cardholder's spending levels, improve the bank's share of wallet, and increase engagement with the bank's mobile app."