Page 159 - Cyber Defense eMagazine January 2023
P. 159

Why Tackling Financial Crime Calls for A Privacy-First

            Approach

            By Dr. Alon Kaufman, CEO and Co-Founder of Duality Technologies


            To gain the upper hand in the fight against financial crime, banks and other financial institutions need to
            share data, but concerns around privacy, confidentiality and regulatory compliance often prevent them
            from doing so. Alon Kaufman, chief executive officer and co-founder at Duality Technologies, looks at
            how  firms  are  adopting  a  privacy-first  approach  to  overcome  these  barriers  and  enable  greater
            collaboration.

            Cybercrime, fraud and money laundering continue to pose major threats to financial institutions and their
            customers. As attacks become more sophisticated, detecting, investigating and preventing risks grows
            more challenging and firms often find that existing approaches have notable limitations.

            Success hinges on having access to the right data, but the problem is that data is dispersed across
            multiple  lines  of  business  within  an  institution,  geographic  locations  and  third-party  institutions.  This
            fragmentation can make it near impossible to access and analyze all the relevant data quickly in order to
            gain insights.

            A  typical  customer  will  have  multiple  accounts  with  different  providers  as  well  as  relationships  with
            separate divisions within the same provider. As a result, the customer's financial life is broken up to the
            point that no single institution has a complete view of the customer. In fact, a typical financial institution
            only sees 15%-25% of its own customers’ activity, which means it cannot effectively protect itself nor its
            customers from financial crime.







            Cyber Defense eMagazine – January 2023 Edition                                                                                                                                                                                                       159
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