Security News > 2022 > April > Keep your digital banking safe: Tips for consumers and banks

Despite banks working to improve online security protocols, consumers must also do their part in taking advantage of enhanced security features to keep their accounts safe.

Since banks strive to make the digital banking experience as intuitive and frictionless as possible for users, this can also present an opportunity for hackers to access unwitting consumers' bank accounts.

Since authenticating a consumer's true identity is so important to the online banking experience, if a bank does not offer strong identity verification, or if consumers are not practicing proper cyber hygiene on their mobile devices and computers, they can be socially engineered into giving up access to their bank account.

There have been cases of fake banking apps distributed on the Google Play Store that look identical to legitimate Android banking apps, but were actually designed to steal victims' banking credentials.

Banks can strengthen their cyber resiliency using a superior digital insights platform, to ensure that the process and flow for setting up online banking security controls, such as multi-factor authentication and alerts, are seamless and easy to activate.

This allows banks to monitor visitors' digital banking experience, identify and resolve specific pain points consumers face when trying to set up better security controls on their profile, either due to technical errors or confusing UX designs.

News URL

https://www.helpnetsecurity.com/2022/04/27/digital-banking-security/