What Technologies Banks Should Be Using to Keep Your Money Safe

In today’s world of cyber threats, almost nothing is safe. These types of risks can cause significant damages due to data breaches, theft, and fraud. Hackers are becoming more creative, and the need for proper cybersecurity measures is at its highest. Banks are incredibly vulnerable to cyberattacks because hackers have a lot to gain from them. Customers put a lot of trust in their banks of choice, and the banks must do everything in their power to keep their customers safe and satisfied. Here are some tools all banks should be using to ensure maximum security:

1. Fraud Protection Software and Fraud Alerts

Frauds have become an everyday occurrence. There are numerous examples of how devastating scams can be for an individual. If not caught in time, there can be severe consequences. Fraud protection software runs in the background and alerts the bank as soon as it spots suspicious behavior within the system. Suspicious behavior can include phishing and keylogging attempts or unauthorized access. In combination with fraud alerts, protection software is a very effective way of ensuring safety. Once suspicious behavior has been noticed, the software alerts both the bank and the users, so they’d be able to take appropriate measures to stop it.

2. Secure Sockets Layer

Secure Sockets Layer is also known as SSL Certificate. SSL Certificates are small data files that use cryptographic keys, which are then connected to the bank. Once implemented, SSL activates the security padlock which only allows secure connections on the website. This tool is especially important when it comes to digital transactions, logins, and other activities that require sensitive information.

3. Encryption

Encrypting sensitive data is a necessity, especially when it comes to important institutions such as banks. By encrypting their data, the banks are ensuring that, even if someone tries to breach the system, the files the culprits steal will be unusable. There are many different forms of encryption, the most popular being:

  • AES – 128 bits and higher
  • TDES – minimum double-length keys
  • RSA – 2048 bits and higher
  • ECC – 160 bits and higher

4. High-Quality Authentication

Authentication is used to verify the identities of both the banks and their users. This is mostly used for logins, and there are many different forms, including:

  • 2FA – Two Factor Authentication is a two-step login system. For example, after typing in the login information, users will be prompted to then follow up with a code that would be sent to their mobile device or another e-mail.
  • OTP – One Time Password is also very useful. When customers begin a transaction, the bank will provide them with an OTP, which expires in up to thirty minutes. That means that every time a transaction is in order, the password will be different, leaving virtually no space for exploitation.
  • Biometric Authorization – This form of authorization uses either fingerprint scans, facial scans, or voice scans. All the factors listed above are unique to each user, making it very difficult for hackers to replicate.

It’s high time to realize that, as the world changes, we need to adapt. In recent years, almost all industries have been affected by cyberattacks including schools, libraries, banks, police stations – and the list goes on. Successful cyberattacks can have a devastating impact on an individuals’ life, as well as bank’s reputation, so implementing at least one of the measures listed above is an absolute must.