For as long as we have had finance, we have had financial crime. In today’s internet age, thieves can rob consumers and organizations from anywhere in the world. As security has grown more advanced, criminals have become more sophisticated in response.
This constant push and pull as both sides have tried to always stay one step ahead of the other has been one of the primary forces in the development of e-commerce over the last two decades. In fact it could be said that, both directly and indirectly, criminals have played a major role in shaping the online financial world as we know it.
-
Directly
Fraudsters flocked to the birth of the internet like moths to light. As the e-commerce industry formed, criminals saw an opportunity for enormous profits. With the perceived anonymity of sitting behind a computer, a hacker could see the chance to become a criminal mastermind without ever leaving his desk or risking his own bodily harm.
Nobody was safe. Every time a new security feature would come along to block the latest attacks, cybercriminals would get to work on finding another vulnerability to exploit. The industry learned very quickly that they could never let their guard down. Enormous amounts of resources were dedicated to developing new technologies that could be used to predict, identify and intercept attempted attacks and security breaches.
Soon enough it was clear that the e-commerce industry was a mecca of innovation. The arms race between criminals and financial service providers inspired a culture of technological advance. It became the norm for the industry to be ever-vigilant in the quest for self-improvement.
-
Indirectly
But a culture of innovation and security isn’t everything. We must not forget that the online financial industry is a service industry. The very real threat of cybercrime is well-known to the public. The long history of fraud in the industry, included many common publicized security breaches, has left a sour taste in the mouth of the consumer.
The fight against cybercrime is one fought on behalf of the customer. Threats lurk all over the internet, and the public has learned to be very careful. That is clearly reflected in the way finance and e-commerce companies design and market their services.
To potential customers, security is a priority; they will only patronize service providers that they trust, so in response to the realities of cybercrime, the industry has developed to make the customer feel secure and comfortable and to be transparent about their services and security practices.
More Related In-depth Article:
The Three Rules of a Secure Online Financial Business
Ferhan Patel explains the three basic necessities for any online financial business to operate securely, responsibly and profitably. As a Financial Crime Expert with over a decade of experience in executive roles in the international e-commerce industry, Patel has developed a set of guidelines to be considered as the minimum requirements for a responsible security business philosophy.
