In his most recent white paper The Cyber Crime Wave: What Bankers Need To Know, Chris Swecker, former Assistant Director of the FBI discusses the pervasive risk presented by cyber criminal networks that “target financial institutions and their customers”.
Swecker provides much astute advice to financial crime investigators with regard to their efforts to combat cyber crime. Just one of the many specific examples he cites is how financial institutions can access the National Cyber Forensic Training Alliance (NCFTA) rich and useful database regarding money mules and their “herders”. He recommends that “bank employees from the teller to the back office fraud detection and investigation specialists should know and be able to recognize mule behavior and tactics”.
He also presents a host of valuable best practices for a financial institution’s cyber risk mitigation strategy.