When it comes to keeping your money safe, even the much-vaunted blockchain is no panacea, says Moran Cerf, a guy who knows a thing or two about cracking security.
Even with all the news surrounding epic data hacks—some affecting millions of users on a worldwide scale—the financial industry is missing a major opportunity to bolster the security of its services and keep hackers out of customer accounts and data.
In September 2016, the Office of the Comptroller of the Currency (OCC) released final guidance for recovery planning that covered a broad range of financial institutions: insured national banks, federal savings associations and federal branches of foreign banks with more than $50 billion in assets.
Controlling fraud and money laundering amounts to a perpetual game that requires a dynamic and evolving process as fraudsters continuously adjust and adapt their techniques.
Enlisting the real-life equivalent of C-3PO, with his true-to-human behavior and unfailingly polite banter, may still be some years away for the world’s banks.