FST Media: What are your priorities for the next 12 to 18 months?
Moore: DBS has made significant investments in systems and people to meet the growing needs in the global environment for safeguarding against financial crime. My focus over the coming 12 to 18 months is to make sure we are using these resources effectively, and that we have the right balance of skills and process to meet the challenges of a changing ecosystem.
FST Media: What will be the most significant challenge facing the banking industry in the year ahead?
Moore: The convergence of fraud, money laundering and cyber-crime needs to be an area of focus for the industry. Many organisations have a siloed approach to managing these risks, and some criminal groups are taking advantage of this. The challenge is in how banks understand and respond to this risk; how they balance robust security programs, risk tolerance and customer experience. Information sharing across the industry on emerging threats is also something that needs to be enhanced.
FST Media: As payment channels converge and become automated, how does the risk and compliance side keep up?
Moore: It is important that risk and compliance processes evolve too. We need to engage our business partners as they innovate, helping with designing processes and best practices to manage risk, and developing appropriate controls along the way. We need to leverage technology and automate where we can. Our value is in supporting the business to implement practical, commercial solutions whilst helping them understand the regulatory boundaries within which they need to operate.
FST Media: How are you leveraging big data and analytics to meet customer demand and ensure security?
Moore: The proliferation of data brings both challenges and opportunities. The richness of information does assist in understanding more about [customers] behaviour. The downside is that you can miss key events due to the sheer volume of the data. The use of analytics is an essential component for an effective, efficient security program – and ensuring that we do not miss those key events. DBS has an analytics team supporting our financial crime program. Their role is to ensure we have optimised detection scenarios in our systems and to look for emerging behaviour in our data that needs to be considered in the program.
FST Media: How do you balance supporting a social media presence with the risk of fraud and cyber security?
Moore: From the perspective of the bank, we have clear policies, processes and controls in place to guide our staff in their use of social media. Beyond social media, our staff understands that compliance and risk management is a role that everyone in the bank has a part to play. We conduct training and communication on these to our staff regularly. We also monitor for activities that might pose a reputation or security risk to the bank.
In general, we advise our customers to exercise care when sharing information online. The more detailed the information a person shares online, the more potential there is for criminals to collect that information and use it to commit fraud, particularly identity fraud. People need to be cognisant of this risk and balance what they put out there. DBS has communicated with our customers, through various channels, and educated customers on what potential phishing attempts would look like. We also constantly remind customers that we will never ask them for personal security information. While we maintain a social media presence, we will never ask for personal details over such channels.
FST Media: How does DBS plan to achieve operational efficiency through infrastructure to achieve fraud reduction?
Moore: The need for event detection is common across domains. Examples would be fraud, anti-money laundering, marketing and credit. It makes sense to use common infrastructure to detect these events – data, detection engines, workflows, analytics can all be leveraged for broader organisational needs. Differentiation can perhaps occur through configuration and inclusion of domain specific models. You get the advantage of a customer view of events, helping to make better decisions on the customer behaviour and reducing the cost of infrastructure.
FST Media: How is DBS using biometrics in reducing security risks and the risk of fraud?
Moore: DBS is continually looking at opportunities to strengthen customers’ security now and into the future. Along with our key strategic priorities of leveraging innovation and insights to enhance service and relationships, biometrics is part of a series of options we are looking into for mitigating risks for our customers.
FST Media: With respect to career development, what is the best advice you ever received?
Moore: The best advice I have received is…have a plan. Understand what you want to achieve and what you need to do to reach your goal but also be flexible in the process of getting there.
FST Media: Every leader has a legacy they wish to be remembered for. What is yours?
Moore: I want to be remembered for building sustainable capability, particularly in regards to people. This delivers ongoing value for our customers, our people and our shareholders.