In June 2020,
the US Federal Bureau of Investigations (FBI) warned that there are chances of an increase in Financial Cyber Crimes due to the rise of digital banking. They advised that mobile banking providers and financial institutions should ensure robust security standards to overcome security issues in Digital Banking..
In this article, I’ll take you through the security risks in digital banking and the preventive measures banking institutions can take to ensure digital banking security. But first, let’s understand the severe need for digital and mobile banking.
Digital Banking become a must during the pandemic
As the pandemic spread across the world, global banking infrastructure faced numerous challenges in terms of personnel management, infrastructure availability, and security. Several banking institutions realized just how efficient their staff was while working from remote locations outside of the bank’s walls.
With the right remote working technology and safeguards in place, banking staff could take care of their essential tasks while staying at home to fight the global pandemic. On the other hand, the customers were able to access banking services