The threat of cybercrime is not restricted to individuals. Due to their very nature, banks are also a prime target. So how are they tackling cybercrime?
Embracing Artificial Intelligence
AI is a fantastic ally for banks when it comes to security. It is mostly used for fraud detection and behavioural analytics. It is able to analyse real-time data and see if these transactions are “normal” or “irregular”. If spotting something odd, it can automatically reject or add additional layers of security/authentication. Proactive scanning also helps to find weak spots and come up with immediate solutions.
Educating Customers
One way that all major banks are tackling cybercrime is by educating customers about how to securely use online websites/banking. This involves regular communication on cybersecurity risks and even hosting webinars/training sessions.
Website Security Checks
If you feel that your business could benefit from professional help, specialists such as www.etempa.co.uk/website-security-checks offer a range of website security checks.
2FA/MFA
By adding two-factor or multi-factor authentication to their apps/online banking, banks are instantly making it much harder for cybercriminals. Using a second layer of security such as fingerprint, text code or PIN device makes it very hard for anyone other than the authorised user to even log into the app/website.
Locking Access and Zero Trust
Essentially this involves ensuring that only the authorised people are allowed to access their accounts. Additionally, they should only be allowed to complete certain actions without further authentication.
Transactions should all be monitored and accounts locked at the first sign of anything unusual/suspicious.
Which Online Banks Are Most Secure?
According to Which? who conducted their own research and assessments, NatWest leads the way when it comes to online security. They are closely followed by Starling Bank, then HSBC and Barclays.
How Can Customers Help?
Although not in control of the central servers and systems, customers can help reduce cybercrime risk by following best practice when it comes to things like using strong passwords, keeping apps updated and using secure networks.
