Security News > 2022 > July > Trust in fintech security has been wavering

In Q1 of 2022, fintech companies experienced 2.5 times more attacks than in the two previous years.

The growing rate of cybercrime has added to the market unrest and questioned fintech preparedness; some claimed that the industry players are more susceptible to virtual threats than traditional banking, with greater resources at their disposal.

Thibaud Catry, Head of Compliance at ConnectPay, said that claims about diminishing fintech security are far-fetched, although he encouraged ramping up defenses due to rising cyber threats.

"If a person has an account with a well-known bank and receives a notice, stating that it has been blocked, it is more likely that s/he will click the link. As a result, scammers frequently target people using the most common bank names, exploit brand awareness to reel in unaware clients."

The latter is harder to stop, as social engineering types of frauds prey on and exploit human trust.

Although the trend is continuing upward, he emphasized that being digitally native enables the fintech sector to handle cyberthreats with more ease than legacy banking could.

News URL

https://www.helpnetsecurity.com/2022/07/25/trust-fintech-security/