90pc bankers see cybercrimes as biggest threat

About 90 per cent of bankers believe that cybercrime is the biggest challenge confronting banking in the country, according to a survey conducted by PricewaterhouseCoopers-PwC Pakistan. Seventy per cent list fraud as their major concern and 60 per cent believe terrorism financing is the biggest threat, the survey showed, “Banks in Pakistan operate within an evolving financial crime compliance ecosystem,” said the survey report. With criminals quickly adopting new techniques and means to exploit vulnerabilities in banking technologies and processes, there is an even greater need for institutions to remain vigilant and up-to-date in their fight against financial crimes, it added. To analyse the banking industry’s current state of preparedness, PwC Pakistan conducted a financial crime survey this year, primarily targeting Chief Compliance Officers (CCOs) and heads of business functions, with participation by over 75 respondents.