If the banks are not able to proactively manage the technology risks in their delivery systems, they may have to face litigations on customer protection and also incur the wrath of the regulators and customer interest groups.
Apart from enlisting active co-operation from their technology vendors, banks must look to build a close rapport with other banks, investigative agencies and regulators to ensure that there is prompt and coordinated exchange of information, whenever required. With the spread of mobile banking, banks would also need to closely engage with the telecom service providers for reducing the technology related fraud risk.