Name: Fintech Insights - Exploring Fintech Innovation and Cybersecurity
Uploaded: 2024-08-07T14:14:22.174Z
Duration: 530.3
Description: Fintech Insights explores innovation and cybersecurity with Andrew Churchill, Director at Technology Strategy during the Centre Stage event.

Fintech Insights - Exploring Innovation and Cybersecurity-.mp4

Fintech Insights - Exploring Innovation and Cybersecurity-.vtt

ENGLISH

{{00:00:00}}
So,

{{00:00:13}}
the interplay between financial
services and security is nothing new.

{{00:00:18}}
Back from the 50s with Willie Sutton's
famous line of, Why do you rob banks?

{{00:00:22}}
That's where the money is.

{{00:00:24}}
Banks have always been
focusing on security.

{{00:00:27}}
Nowadays, we're just bringing it forward.

{{00:00:28}}
The terminology has changed.

{{00:00:30}}
It's now FinTechs rather than
banks, and it's cyber security

{{00:00:32}}
rather than just security.

{{00:00:34}}
It's not just physical security anymore.

{{00:00:36}}
But the, evolution of, that, the
arms race between law enforcement and

{{00:00:43}}
financial services and organized crime
it is currently manifesting itself in

{{00:00:48}}
a whole new range of authentication
techniques, occasionally put down as

{{00:00:53}}
digital identity and strong customer
authentication, for which I'm the

{{00:00:56}}
author of the British Standard.

{{00:00:58}}
But again it's an evolutionary play
and new biometric techniques are

{{00:01:02}}
coming on board constantly, new
technical security technologies.

{{00:01:06}}
is constantly having to be adopted
as the attacks themselves, e evolve.

{{00:01:13}}
So it's a constant arms race between
organized crime on the one hand, and

{{00:01:18}}
law enforcement and business on the
other, trying to protect the consumer,

{{00:01:22}}
and in, in a FinTech perspective
the bank, or FinTech's customers.

{{00:01:34}}
As the title of the report suggests from
FinTech to Ubiquiti whichever prefix

{{00:01:40}}
you want to put on tech, whether it's
MedTech, agritech, Cleantech, RegTech,

{{00:01:45}}
ultimately it's the under the underpinning
and ubiquitous technology requirements

{{00:01:50}}
are on the security and the connectivity.

{{00:01:53}}
The report goes into a
great deal of detail as to.

{{00:01:57}}
The necessary steps which will
be, need to be taken for, the,

{{00:02:04}}
new generation of Prefix Techs to
actually survive and thrive in the UK.

{{00:02:11}}
Obviously, this is a, as you say, this
is a report backed by the Lord Mayor,

{{00:02:16}}
and therefore it's obviously the City
of London, which we're, looking at,

{{00:02:20}}
helping to thrive.

{{00:02:22}}
FinTech is seen as being a big success
in the UK market, so London in particular

{{00:02:27}}
is seen as one of the global hubs.

{{00:02:29}}
And this is on the basis of the Open
Banking Implementation Entity has

{{00:02:33}}
allowed a benign ecosystem to develop.

{{00:02:36}}
Now, one of the so the up until last
year, over half of all FinTechs in

{{00:02:43}}
Europe were actually based in the UK.

{{00:02:46}}
So a, huge concentration.

{{00:02:49}}
What we're hoping to see is that
the level of success can also follow

{{00:02:53}}
through in MedTech, Agritech, etc.

{{00:02:56}}
And it's the underpinning of the
ubiquitous technologies of today.

{{00:02:59}}
for the Ubiquitec.

{{00:03:01}}
That can actually allow us to
have a thousand flowers blooming

{{00:03:04}}
in each of the other spheres.

{{00:03:13}}
Unfortunately, n no presentation
nowadays seems to be possible without

{{00:03:18}}
mentioning artificial intelligence, and
I'm afraid today's gonna be no different.

{{00:03:22}}
And the City of London Corporation, Ansley
Lyndham Police, currently have an open

{{00:03:27}}
competition on How to use artificial
intelligence for better combating online

{{00:03:32}}
fraud, in particular with a, focus at
how it can manage that against identity

{{00:03:38}}
attacks, identity authentication attacks.

{{00:03:40}}
Sorry.

{{00:03:42}}
Many people have heard of DeepFakes and
the DeepFakes are becoming a new reality.

{{00:03:50}}
DeepFakes have been around
for quite some time, and

{{00:03:54}}
by and large, aren't particularly
effective as a, as attacks the.

{{00:03:58}}
Use of deepfakes for onboarding, so
actually fooling a bank's enrollment

{{00:04:03}}
system, that's quite well established
because you can have an injection

{{00:04:07}}
attack and put an image altered.

{{00:04:09}}
If I want to look 20 years younger on
my, banking application, that's fine.

{{00:04:14}}
The problem with me looking 20 years
younger on my banking application at

{{00:04:18}}
enrollment is that I don't know of a
skin cream that can make me look 20

{{00:04:22}}
years younger when I'm actually trying
to subsequently re authenticate myself.

{{00:04:26}}
In a real world position.

{{00:04:28}}
Those attacks aren't particularly
affected, but the injection, or using

{{00:04:32}}
those online, is a reality, and that
is becoming a major problem, which the

{{00:04:39}}
Citi London company, as I say, have
a research program about to kick off.

{{00:04:44}}
Excellent.

{{00:04:52}}
I think the developments which will
have the greatest impact are biometrics,

{{00:04:56}}
advances in biometrics, and indeed
the multi modality of biometrics.

{{00:04:59}}
All biometrics have a false positive
and a false negative rating.

{{00:05:04}}
You need multiple modes of
biometrics to ensure you have

{{00:05:08}}
a unique individual present.

{{00:05:09}}
This is covered in the British Standard
Public Label Specification 499.

{{00:05:16}}
The advances are to have ever more
accurate biometrics, but equally the

{{00:05:21}}
ability to find new biometric modes.

{{00:05:25}}
Very rarely learn anything new at a
conference, but back in 2014, I learned

{{00:05:29}}
for the first time that the whites of
the eyes and the blood flow through the

{{00:05:32}}
whites of the eyes is actually a unique
characteristic which can be matched.

{{00:05:37}}
Obviously, we all know about iris and
many of you, many of your mobile phones

{{00:05:41}}
will have obviously fingerprint, face
recognition, and iris recognition,

{{00:05:45}}
the likes of the whites of the eyes.

{{00:05:48}}
The challenge response, the retina is a
unique barcode, so hand vein geometry,

{{00:05:53}}
fingerprints as well as finger vein.

{{00:05:55}}
All of these new modes can be combined
together and between them can be layered

{{00:06:00}}
up for step up authentication to get a
far, more secure, profile for the user.

{{00:06:15}}
It's often been said that no organization
is individually large enough to

{{00:06:20}}
monitor this high threat landscape.

{{00:06:22}}
So industry groupings in the UK,
such as UK Finance and the Payments

{{00:06:26}}
Association, come together because
between that industry grouping,

{{00:06:30}}
they can come together and share
information and share intelligence

{{00:06:33}}
to actually better their business.

{{00:06:34}}
Combat, combat the threat.

{{00:06:36}}
But equally, it's not just
a financial services aspect.

{{00:06:39}}
Most 80 percent of the FCA's tech sprint
on APPs back in Autumn 22, 80 percent

{{00:06:46}}
of all APP scans, sorry, authorized push
payment scans, originated with Meta.

{{00:06:52}}
Last year we had the Online Safety
Act coming through, which puts the

{{00:06:57}}
telecommunications and, social media
giants into the mix, because sharing

{{00:07:03}}
information between the industry
verticals is also crucially important.

{{00:07:07}}
But even beyond the private
sector aspects, the private

{{00:07:09}}
sector can't work in isolation.

{{00:07:12}}
It has to work in a public
private partnership, not just

{{00:07:15}}
with law enforcement, but with
government and regulators.

{{00:07:17}}
because we need to see the regulatory
and legislative controls coming through.

{{00:07:22}}
The Ubiquitec report calls the Data
Protection and Digital Information Bill

{{00:07:26}}
the one bill to rule them all, because it
handles how data is handled in the other

{{00:07:30}}
acts, such as Economic Crime, Corporate
Transparency, such as Online Safety, and

{{00:07:35}}
indeed the Electronic Trade Documents Act.

{{00:07:37}}
All of those rely absolutely fundamentally
on how the data can be handled.

{{00:07:41}}
And that is all predicated upon
Data Protection Digital Information

{{00:07:45}}
Bill, which unfortunately ended
up on the cutting room floor when

{{00:07:48}}
the general election was called.

{{00:07:50}}
So it's critical for the new government,
as of this morning, to get Data Protection

{{00:07:55}}
Digital Information Bill back up and
running as fast as possible, because all

{{00:08:00}}
the smart data elements within that build
on open banking, and open banking, if

{{00:08:05}}
we think back to the Network Information
Systems Directive implementation back

{{00:08:09}}
in 2016, financial services, etc.

{{00:08:12}}
were exempt from the critical national
infrastructure security steps because they

{{00:08:17}}
had the beautiful alliteration of stronger
sector specific security standards.

{{00:08:22}}
But this gold standard of security,
which the banking sector has in

{{00:08:26}}
place, needs to become, because of the
levels of fraud which are suffered by

{{00:08:30}}
banking, needs to become a platinum
standard, which will again need to

{{00:08:35}}
build on the new technologies and the
innovations such as in multi fidelity

{{00:08:40}}
biometrics..

the interplay between financial
services and security is nothing new.

Back from the 50s with Willie Sutton's
famous line of, Why do you rob banks?

Banks have always been
focusing on security.

Nowadays, we're just bringing it forward.

It's now FinTechs rather than
banks, and it's cyber security

But the, evolution of, that, the
arms race between law enforcement and

financial services and organized crime
it is currently manifesting itself in

a whole new range of authentication
techniques, occasionally put down as

digital identity and strong customer
authentication, for which I'm the

But again it's an evolutionary play
and new biometric techniques are

coming on board constantly, new
technical security technologies.

is constantly having to be adopted
as the attacks themselves, e evolve.

So it's a constant arms race between
organized crime on the one hand, and

law enforcement and business on the
other, trying to protect the consumer,

and in, in a FinTech perspective
the bank, or FinTech's customers.

As the title of the report suggests from
FinTech to Ubiquiti whichever prefix

you want to put on tech, whether it's
MedTech, agritech, Cleantech, RegTech,

ultimately it's the under the underpinning
and ubiquitous technology requirements

are on the security and the connectivity.

The report goes into a
great deal of detail as to.

The necessary steps which will
be, need to be taken for, the,

new generation of Prefix Techs to
actually survive and thrive in the UK.

Obviously, this is a, as you say, this
is a report backed by the Lord Mayor,

and therefore it's obviously the City
of London, which we're, looking at,

FinTech is seen as being a big success
in the UK market, so London in particular

And this is on the basis of the Open
Banking Implementation Entity has

Now, one of the so the up until last
year, over half of all FinTechs in

What we're hoping to see is that
the level of success can also follow

And it's the underpinning of the
ubiquitous technologies of today.

That can actually allow us to
have a thousand flowers blooming

Unfortunately, n no presentation
nowadays seems to be possible without

mentioning artificial intelligence, and
I'm afraid today's gonna be no different.

And the City of London Corporation, Ansley
Lyndham Police, currently have an open

competition on How to use artificial
intelligence for better combating online

fraud, in particular with a, focus at
how it can manage that against identity

attacks, identity authentication attacks.

Many people have heard of DeepFakes and
the DeepFakes are becoming a new reality.

DeepFakes have been around
for quite some time, and

by and large, aren't particularly
effective as a, as attacks the.

Use of deepfakes for onboarding, so
actually fooling a bank's enrollment

system, that's quite well established
because you can have an injection

If I want to look 20 years younger on
my, banking application, that's fine.

The problem with me looking 20 years
younger on my banking application at

enrollment is that I don't know of a
skin cream that can make me look 20

years younger when I'm actually trying
to subsequently re authenticate myself.

Those attacks aren't particularly
affected, but the injection, or using

those online, is a reality, and that
is becoming a major problem, which the

Citi London company, as I say, have
a research program about to kick off.

I think the developments which will
have the greatest impact are biometrics,

advances in biometrics, and indeed
the multi modality of biometrics.

All biometrics have a false positive
and a false negative rating.

You need multiple modes of
biometrics to ensure you have

This is covered in the British Standard
Public Label Specification 499.

The advances are to have ever more
accurate biometrics, but equally the

Very rarely learn anything new at a
conference, but back in 2014, I learned

for the first time that the whites of
the eyes and the blood flow through the

whites of the eyes is actually a unique
characteristic which can be matched.

Obviously, we all know about iris and
many of you, many of your mobile phones

will have obviously fingerprint, face
recognition, and iris recognition,

The challenge response, the retina is a
unique barcode, so hand vein geometry,

All of these new modes can be combined
together and between them can be layered

up for step up authentication to get a
far, more secure, profile for the user.

It's often been said that no organization
is individually large enough to

So industry groupings in the UK,
such as UK Finance and the Payments

Association, come together because
between that industry grouping,

they can come together and share
information and share intelligence

But equally, it's not just
a financial services aspect.

Most 80 percent of the FCA's tech sprint
on APPs back in Autumn 22, 80 percent

of all APP scans, sorry, authorized push
payment scans, originated with Meta.

Last year we had the Online Safety
Act coming through, which puts the

telecommunications and, social media
giants into the mix, because sharing

information between the industry
verticals is also crucially important.

But even beyond the private
sector aspects, the private

It has to work in a public
private partnership, not just

Fintech Insights

Expert Insight

Fintech Insights explores innovation and cybersecurity with Andrew Churchill, Director at Technology Strategy  during the Centre Stage event.