The advent of digital technology has meant that we are now at much greater risk from having our money and savings stolen than ever before. Banks, building societies and financial institutions all have security measures in place to protect our cash when it is with them. It is extremely hard for a hacking group to be able to get through to the transferring of money for example. There are encryption and codes that are designed by some of the finest minds in the cyber security world. One such example is that of KNOW YOUR CUSTOMER. The failure of banking, through fraud and financial crime can be viewed, spread and felt through the economy on every level.
Large scale financial crime can result in many changes. Legislation from the government is one of the many options that can be put in place. Organisations such as the Financial Conduct authority can start to take control of financial institutions and create the correct kind of environment that will allow them to know exactly how to behave and operate and ways in which they can control the problem of financial crime.
For us, the average bank customer, it means increased security checks and possible loss of products and rates as banks attempt to limit the damage that financial crime poses. Unfortunately the amount of people prosecuted responsible for financial crime, at all levels from executive to lower placed workers, is nowhere near that of other crimes.