Security breaches in big corporations, including bank security systems of large financial institutions have become quite common raising fears that we might become too accustomed to security lapses that we retire all efforts to get them fixed.
The rate of cyber-attacks has skyrocketed in recent years making many to wonder if there exists sure ways of protecting people’s sensitive information like their personal and financial information. If security alarm systems for banks can be breached in such unrestraint, is there any place that is truly safe?
Mobile applications vulnerabilities
One thing that is taking the security menace a notch higher is the increase in use of mobile applications. Now, even banks have mobile apps to give you access to your bank account. Now hackers are having a field day, thanks to these mobile applications.
Financial institutions that choose to enter this space without clear bank security systems to protect their customers are essentially toying around with the sensitive information that their customers have entrusted them with.
Mobile banking may be the future, but if banking institutions do not develop clear strategies to counter hackers’ efforts at getting people’s personal information through mobile apps, the tech may defeat itself. In 2013, McAfee Labs reported a total of 17,000 new malware targeting android users in just the 2nd quarter of that year.
Android devices are the most at risk because attackers have found a way to alter legitimate android applications, add malware and then republish the app on a third-party app sharing platform. The safest way to stay clear of this is by using Google Play as your sole source of android apps.
Bank web pages – some may be insecure
Those of us who love online banking ought to be a little more careful when browsing our bank’s online pages. Bank security systems should include safe online banking, but some banks have not secured some of their web pages.
Whenever you visit your bank’s website, check to ensure you are doing so via secured web pages. A secure web page should use the HTTPS (Hypertext Transfer Protocol Secure) protocol. If the URL of the page you are browsing does not read “HTTPS”, then your browsing is not secured.
The imperfections of anomaly detection software
Most probably, your bank uses Anomaly Detection Software. While this software can be extremely helpful in detecting inconsistencies and irregularities in your bank account behavior, well-executed bank frauds can go undetected. Anomaly Detection Software is designed to detect uncommon behavior in your bank transactions.
It often flags transactions that are too different from what is the norm for an account. That means, fraudsters could execute a plan to siphon your funds in a fashion that would not raise any alerts using your bank transaction history.