Online banking has two very powerful market drivers - customer convenience and bank profits. Bank customers go online to save time. Banks move operations and transactions online to enable self-service and to lower costs, improving profitability.
With bank and customer interests aligned, it is no surprise that the use of online banking has skyrocketed. Unfortunately at the same time, so has online banking fraud.
Banks are very serious about protecting customer information and online transactions. They protect customer information with multiple layers of safeguards such as anti-virus, firewalls, geo-location analytics, shared secrets, secure cookies and many other software-based techniques to detect and stop fraudulent transactions. In fact, bank system security is so effective that there's really only one remaining glaring weakness -- their clients' PCs.
Cyber thieves have proven themselves very adept at exploiting the vulnerability of online banking customers’ PCs, using spyware to snoop login credentials or hijack online sessions, take over accounts and steal money.
To counter the threat of online banking fraud and expand the online channel into other more profitable transactions, here are the top five reasons why every bank should make a digital security device available for high value online transactions, especially for commercial accounts.
11 steps for eBanking Security
Providing banks with industry-leading security ideas