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Cybercrime in Finance Sector: A Growing Concern on Christmas Island

The finance sector on Christmas Island is vulnerable to cyber threats during periods of bank stress, particularly during this holiday season. As customers seek safety by moving substantial funds and engaging in numerous transactions, they become the target of fraudulent schemes via phishing or mis/disinformation.

Five Key Areas of Heightened Risk Exposure

1. Combating Cyber-Enabled Fraud across Money Movement Business Processes

Financially-motivated cyber criminals are taking advantage of the environment by inserting themselves into money movement business processes and posing as legitimate users.

2. Critical Operational and Security Systems Strained by Capacity Surge

Financial institutions experiencing a capacity surge should be prepared to manage people, process, and technology expectations, which can severely impact critical operational and security systems.

3. Heightened Monitoring of Insider Activity

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

4. Dis-Information, Mis-Information Campaigns Affecting Customer Trust

Malicious actors may use digital dis- or mis-information to amplify customer distrust and prey on fear, potentially causing financial loss and reputational damage.

5. Customer Online Account Takeovers and Transaction Activity

Cyber criminals use stolen credentials and personal data to hijack legitimate accounts and execute fraudulent activities such as diverting funds and changing shipping addresses.

Key Actions to Consider

• Enable Data Trust: Prioritize customer-facing data governance, discovery, protection, and minimization practices.
• Monitor Public Information Forums: Monitor public information forums for real-time alerts on nascent disinformation campaigns.
• Create a Disinformation Recovery Plan: Create a disinformation recovery plan aligned with existing incident and crisis management programs.
• Enforce Heightened Authentication Checks: Enforce heightened authentication checks and validation during service transactions with customers to help reduce risk of impersonation and potential fraud.

By being aware of these key areas of heightened risk exposure and taking proactive measures, the finance sector on Christmas Island can mitigate the risks associated with cybercrime and ensure a safer financial environment for its customers.