Cybersecurity Strategies for Safeguarding Customer’s Data and Preventing Financial Fraud in the United States Financial Sectors

 International Journal on Soft Computing (IJSC)

ISSN: 2229 - 6735 [Online] ; 2229 - 7103 [Print]

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Current Issue

August 2023, Volume 14, Number 3

Cybersecurity Strategies for Safeguarding Customer’s Data and Preventing Financial Fraud in the United States Financial Sectors  

Efijemue Oghenekome Paul1, Obunadike Callistus1, Olisah Somtobe1, Taiwo Esther1, Kizor-Akaraiwe Somto2, Odooh Clement1 and Ifunanya Ejimofor1, 1Austin Peay State University, Clarksville USA, 2University of Washington, Seattle USA

ABSTRACT

As the financial sectors in the United States deal with expanding cyberthreats and a rising danger of financial crime, cybersecurity has become a top priority. This paper examines the crucial cybersecurity techniques used by financial institutions to protect client information and counter the growing risk of financial fraud. It proves that understanding common fraud tactics used to defraud financial institutions and customers, putting fraud detection and prevention techniques like anomaly detection and machine learning into practice, and using transaction monitoring and anti-money laundering tactics to spot and stop fraudulent activity are all necessary for preventing financial fraud. The paper begins by reviewing the common cyber dangers affecting the financial industry and the strategies used by cybercriminals to circumvent security precautions and take advantage of weaknesses. After looking at potential risks, the paper highlights the importance of proactive cybersecurity measures and risk mitigation techniques. It highlights crucial components of cybersecurity frameworks, including strong data encryption, multifactor authentication, intrusion detection systems, and ongoing security monitoring. This paper also emphasizes the value of educating and training financial institution staff members to increase cybersecurity resilience. It underlines the significance of building a strong security culture, educating personnel about potential dangers, and encouraging responsible management of client data. The study also explores the advantages of financial organizations working together and exchanging threat knowledge. It examines industry alliances, information-sharing platforms, and public-private partnerships as crucial methods for group protection against cyber threats. This paper highlighted the significance of artificial intelligence and machine learning in cybersecurity domain. It demonstrates how these technologies improve cybersecurity systems' capabilities by spotting irregularities and potential attacks. It emphasizes the significance of taking a proactive and dynamic strategy to securing client information and maintaining faith in the United States’ financial sectors. Overall, this paper provides a thorough overview of cybersecurity tactics crucial for protecting consumer data and avoiding financial fraud in the financial sectors across the United States. By taking a vigilant, team-based, and technology-driven strategy, financial institutions may strengthen their cyber defenses, protect the data of their clients, and defend the integrity of the financial system.

KEYWORDS

Cybersecurity, financial sectors, Customer data, financial fraud, technology measures

Original Source URL: https://aircconline.com/ijsc/V14N3/14323ijsc01.pdf

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