Online security compromises, like leaks about the NSA accessing private financial accounts and cyber-criminal attacks, have raised anxieties about the effectiveness of security measures used by banks to protect sensitive account information.
This issue has been further complicated by the increased popularity of mobile banking applications, which has given hackers a new way to access account numbers, passwords, and other private data. Establishing digital security is not a one man’s effort. It requires the cooperation of bank account holders and preventive measures from digital application platforms and financial institutions.
Veridin.com Financial and Bank Security Systems are a good example of the type of solutions that 21st century banks have to use to keep their data and business information secure and away from the hands of hackers.
Online banking customers believe that their bank’s accounts should be secured on the web. Fortunately, federal regulators guide are responsible for overseeing the online bank security.
They are responsible for creating consistency and dependability in the digital banking marketplace. However, this does not assure you about your bank’s security. The following are the reasons why your bank security isn’t as safe as you thought.
Banks have the financial resource to secure customer’s accounts from external threats. However, not all bank’s networks are secure. Most accounts are compromised because of the user’s activities, not the bank’s security technology.
However, banks with unsecured web pages are also susceptible to attacks. Researchers have identified that some banks websites are not protected with the Hypertext Transfer Protocol Secure (HTTPS), which secures communication over a computer network, thus making the bank’s security vulnerable.
Anomaly detection software is a security system used by banks to detect unusual account behavior. This system tracks all the transactions notifies the banks in case it detects abnormal behaviors in an account.
However, this software is known to fail to raise red flag on the behavior of individual account transactions. At times, these transactions are usually unauthorized, and customers can lose a lot of money.
Most people use their smartphones to access mobile banking. However, this has presented opportunities hackers to access personal account information without being noticed.
Some Android devices are easy target for victim malware. This happens when the user installs app from unknown sources. However, this can be solved by installing apps from secure sources like Google Play.