A quote attributed to Robert Mueller, the director of the FBI for most of this century: "there are two types of companies: those that have been hacked and those that will be."This is a favourite from Andrew Davies, vice president of global market strategy for Financial Crime Risk Management at Fiserv, who was in Australia earlier this month speaking to clients on cyber fraud prevention trends.In this role, Davies works with Fiserv customers around the world to design and deploy risk management systems to mitigate financial crime risks, with particular focus on compliance, money laundering and fraud.He spoke to Banking Day on the fight against cyber crime in Australia. Based on his discussions with customers here, Davies sees Australia as very much mirroring Canada."Over the years, the similarity between the environment here and in Canada has become ever more striking," he says. One common theme emerging has been the willingness to apply financial intelligence against financial crime."Fraud is potentially more impactful and depends on your relationship with your bank. More than 50 per cent of individuals who are subject to fraud through a financial institution will take all or part of their financial relationship away from that organisation," he says.Baby boomers in particular are more likely to change their spouse than their banking relationship. However, for a millennial (ie someone under 35) the banking relationship is seen more as transactional.One of the interesting things is that there are all these banks providing payment services that drive significant revenues - they are sticky but not sexy - but then there are fintechs companies offering different types of payment services. So the banks and other financial institutions need to differentiate themselves.Davies has in the past concentrated his efforts on defending against cybercrime where it affects high-value, low volume electronic funds transfer, but concedes that the move to real time payments is changing the dynamics."When it comes to high-value payments such as bank to bank or a business to business [trade], security can be a differentiator in the provision of the so-called sticky services to allow banks to sell the more sexy services," he says.And onto this list will soon move the New Payments Platform. "There is no doubt the speed of the NPP will be great for the consumer but it will also, for the fraudsters," Davies says, adding that the introduction of the NPP, would spark a move to "high-volume low value" crime: "The move to real time settlement across the board introduces fantastic opportunities for trade but also potential opportunity for fraud," he warns. "It will allow perpetuation of fraud more quickly and, potentially, move money outside of the networks which will make it more difficult to recover funds. That's going to make it interesting."Drawing on the experiences in similar jurisdiction, such as the Faster Payments in the UK, Davies predicts that: "at the start the limits will be small but as people adopt more widely, the limits will increase."In the UK, the adoption of faster payments was actually quite