Fintech Cybersecurity Threats You Should Know About
Cybersecurity is one of the biggest threats facing businesses in the digital age, So that Here you know about Fintech Cybersecurity Threats. Research shows that companies continue to adopt new technology faster than they can address related security issues.
While these technologies improve the efficiency of service delivery, they also create vulnerabilities in our systems, making it easier for hackers and other malicious actors to gain access. Banks and other financial institutions have been facing an unprecedented level of cyberattacks in the last few months.
Cybercriminals are increasingly targeting financial services because that’s where the money is. Banks and other financial institutions are frequently going digital.
Massive databases are containing sensitive facts, customer data, and information about internal operations presenting cybercriminals with various profit avenues through fraud, theft, and extortion. Let’s take a look at the various cybersecurity threats specific to digital banking and financial institutions.
Banks and other financial institutions tend to use third party providers to provide financial services for their customers. The use of third parties puts their banking systems at risk of attacks by cybercriminals masked as legitimate users on third-party apps.
Third-party applications can allow hackers to look for vulnerability in the system. In 2016, hackers attacked the Bangladesh Bank and managed to get away with the US $81 million by exploiting vulnerabilities in the SWIFT system.
The problem with attacks emanating from third-party apps is that they are not easy to detect. Therefore, hackers and other online threat actors can easily use third-party apps to access and steal consumer data from banks.
Not too long ago, we witnessed a significant breakthrough in digital currencies around the world. Seeing a digital currency hit close to the US $20,000 in value was genuinely astonishing.
Since then, people have been taking cryptocurrencies seriously, and some have even considered moving their assets to a crypto wallet to secure them. However, there are risks involved in the transfer process. In 2018, over $500 million was stolen by hackers during a cryptocurrency exchange in Japan.
Over 850,000 bitcoins were lost similarly four years earlier. Cryptocurrency has shown great potential as one of the disrupters in the financial services sector. However, that will not be possible until some of the security issues associated with digital currencies addressed.
Mobile Banking Apps
Mobile banking apps have made financial services more accessible and convenient. You can easily install an app on your phone and control all your banking operations as well as personal accounts with the touch of a button.
Mobile banking apps may be convenient, but not as safe as you might want to think. These applications create weaknesses in the banking systems that hackers can find and try to exploit.
According to a report by Accenture, 25 percent of mobile banking apps have a high-risk security flaw, including problems to do with code tampering, authentication, and insecure data warehouse. Each of them has at least one security risk that hackers can use to execute an attack.
Card Payment Fraud in Ecommerce
Card payment is still one of the most popular forms of cash in the age of digital banking. Unauthorized payment and banking fraud pose a significant security challenge for financial services companies around the globe.
Illegal card payment fraud is exclusive to eCommerce. Cybercriminals steal customer card data through third party websites and attack financial institutions by phishing.
Hackers deploy a technique known as the man-in-the-middle attack to infiltrate home internet connections and redirect customers attempting to access online banking services to a fake website. SSL stripping allows the fraudsters to surmount certificate validation issues and pull off remote purchase fraud.
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In the digital age, cybersecurity is the greatest collective threat facing all types of banks and financial institutions. Fraudulent activity targeting customers is becoming increasingly common.
Financial services need to set up security measures to detect and ward off possible breaches in the information security area. While it’s virtually impossible to protect against all potential cyberattacks, banks and financial institutions will be well placed to safeguard against some of the most common cybersecurity risks if they have appropriate countermeasures in place.