What is the Role of Communication Surveillance in Financial Services?

What is the Role of Communication Surveillance in Financial Services?

Communication surveillance in financial services refers to collecting, interception, and monitoring the information that team members relay, communicate, or generate over different communication networks. Whether they communicate with a private company, malicious consumer, intelligence agency, or law enforcement body, surveillance does not need a human mind to read the data shared. Automated systems interfere with the communication channels and supervise on a mass scale across the financial institution.

Communication is an integral part of any financial service. However, team members behave responsibly when they know that the surveillance system is watching them. As a result, it creates a safe boundary and reduces fraud in the sector. Let us look at the role of surveillance in financial services.

What Does Surveillance Do?

The communication sector has developed exponentially, bringing in diverse ways of networking to interact with others. Since team members may use different methods of communication according to their preference, surveillance needs to become more sophisticated so that it can grab more information than ever. Besides that, surveillance systems are no longer limited to trapping telephone lines and intercepting messengers. Surveillance over mobile, fixed-line, and internet networks must occur with an expert’s service.

The role of communication surveillance can be broken down into four categories:

  • Internet Monitoring: It captures data as the team members of a financial institute share it across the internet. It might occur at any point across the electronic or physical system comprising the internet, ranging from news websites to social networks.
  • Cell Phone Monitoring: It captures information shared over the users’ mobile networks. IMSI catchers work as base stations where all phones in the area join the network to provide their unique identification numbers. These IMSI catchers can intercept calls and send messages to the registered phones.
  • Fixed Line Monitoring: It captures data as people share it across telephone networks. Fixed phone lines still form the backbone of most financial institutions’ communication networks. Earlier, communication surveillance meant attaching crocodile clips to physical lines. However, modern-day surveillance technologies allow phone calls interception using sophisticated ways. Now, surveillance providers can use advanced technologies to tap the entire company’s network simultaneously.
  • Intrusion Technologies Monitoring: Intrusion technologies secretly use malicious software on their computers and mobile phones. With this malware, operators gain complete access to the target device and monitor its communication. It is one of the most invasive types of surveillance. As financial services primarily rely on machines to store their data, intrusion technologies collect and transmit it to the malware operator without the user’s knowledge. 

All this while, the intrusion technology monitors everything happening on the person’s screen, communication shared on the device, and track keyboard entries. These may also include real-time live recordings of video and audio feeds through the device’s microphone and camera. The device becomes the spy, which captures every offline and online activities of the user.

Tips to Ensure Communication Surveillance in Financial Services

  • Document and apply compliance procedures and policies
  • Remove compliance barriers
  • Reinforce training 
  • Stay updated with the latest laws, rules, and regulations
  • Ensure that each employee follows procedures
  • Schedule regular compliance audits 
  • Use software and tools to simplify compliance

The last and final tip is to hire communication surveillance experts for compliance. These are equipped with the latest tools and techniques to ensure surveillance and let you know what’s happening in your financial services institution. Identifying malicious activities in time prevents fraud and helps spot malevolent people to ensure safety.

Amy Jackson