Back in the early 2000s, I faced a devastating situation when the digital banking company I worked for experienced a massive data breach – impacting hundreds of financial institutions.
At the time, digital banking was new, and many financial institution executives thought the internet was just a passing trend, resulting in caution and fear that digital banking may put their accountholders and financial institution at risk.
Fast forward to today, and the internet is still very much around – touching nearly every aspect our lives. Unfortunately, with advancements in digital technology and the internet come evolving fraud schemes and attacks – both of which have become more sophisticated and widespread than ever before.
In the early days of digital banking, end-user adoption was very low. But now, with the growing adoption of digital banking and fintech solutions, it’s more important than ever to be aware of these ongoing threats and to safeguard your applications and end-user engagement activities to stay secure.
In fact, many banks and credit unions are seeing more than 85% end-user adoption.
With digital banking adoption continuing to rise, it’s clear digital banking – whether online or mobile – is the new front door to financial institutions.
The first step: recognize and understand the threats. Next? Implement security tools and best practices to protect against them at your front door and inside.
Fraud schemes in digital banking can come in many forms, including but not limited to:
To protect against these attacks, you must implement a layered approach to security within your digital platforms and provide continuous education to your end-users on security best practices.
Below are six of the most effective tools you can implement to protect you and your end-users against these attacks:
As digital banking becomes the primary gateway to financial services, it’s important to think of it as the new front door to your institution. Just as we take steps to protect our homes from threats, both external and internal, we must apply the same level of security to protect our digital assets. We use tools and best practices to safeguard our families, and for community financial institutions, these end-users are your families too—people who depend on you for their financial well-being. The internet is not just a passing trend—it’s a permanent part of our lives. And the fraudsters? They’re not going away. In fact, they’re becoming more sophisticated every day.
Join us at the Digital Banking Forums to learn how you can stay ahead of these threats and protect your customers in an ever-evolving digital landscape.
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