Financial Crime World

Financial Institutions in British Virgin Islands on High Alert for Cyber Threats

In the wake of bank stress and financial uncertainty, financial institutions in the British Virgin Islands are facing an increased risk of cyber threats. As customers seek safety by moving substantial funds and engaging in numerous transactions, they become targets for fraudulent schemes perpetrated via phishing or mis/disinformation.

Heightened Risk Exposure Areas

Financial institutions in the British Virgin Islands should be aware of five key areas where proactive action is necessary:

Combating Cyber-Enabled Fraud

  • With thousands of businesses changing their banking relationships, financially-motivated cyber criminals are taking advantage of the environment by inserting themselves into the process and posing as legitimate users.

Critical Operational and Security Systems Strained by Capacity Surge

  • Turbulent market conditions increase the risk of not detecting insider threats, while malicious intent or compromised insider access could be used to commit an act of fraud for personal gain.

Heightened Monitoring of Insider Activity

  • Malicious actors may use stolen credentials, social security numbers, and personal data to hijack legitimate accounts and execute fraudulent activities.

Dis-Information, Mis-Information Campaigns Affecting Customer Trust

  • Threat actors may spread disinformation to amplify customer distrust and prey on fear, potentially causing financial loss.

Customer Online Account Takeovers and Transaction Activity

  • Cyber criminals use stolen credentials, social security numbers, and personal data to hijack legitimate accounts and execute fraudulent activities.

To mitigate these risks, financial institutions in the British Virgin Islands should take the following actions:

Enhanced Authentication Checks and Validation

  • Enhance authentication checks and validation during service transactions with customers.
  • Enforce password complexity requirements and rotations.

Monitoring Transaction Accounts and Flagging Unusual Activity

  • Monitor transaction accounts and flag unusual activity for rapid response and recovery.

Blocking IP Addresses from Countries Where You Do Not Conduct Regular Business

  • Block IP addresses from countries where you do not conduct regular business.

Creating a Disinformation Recovery Plan

  • Create a disinformation recovery plan aligned with existing incident and crisis management programs.

Working Closely with Vendors and Partners

  • Work closely with vendors and partners to confirm cyber operations resume their business-as-usual (BAU) mode.

Leveraging Robotic Process Automation Capabilities

  • Leverage robotic process automation capabilities to expedite manual reviews of reported findings.

By taking proactive steps to address these heightened risk areas, financial institutions in the British Virgin Islands can better protect themselves against cyber threats and maintain customer trust.