How Secure is Internet Banking?

In the past decade, technology has revolutionized our world. It has made our lives so much more efficient, especially when carrying out tasks. Many people lean onto technology as a mode of entertainment, work, or even gatherings especially during the COVID-19 pandemic. Cybersecurity has to be in place to prevent hackers from entering any systems without authorization.

Cybersecurity is especially vital in internet banking. 10 years ago, people were visiting brick-and-mortar banks for their transaction needs but now, customers can do almost anything they want from internet banking. It mainly allows customers to send money to another person within a device and one can even pay his bills using internet banking! Since internet banking often includes transactions involving money, it has to be safe for its users. However, any internet feature always has its own vulnerabilities. What steps do banks take to ensure the safety of their customers?

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A strong password and 2-Factor-Authentication (2FA)

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Banks would usually recommend you to create a strong password when setting up your bank account. A strong password is very hard to crack, so it prevents the wrong people from entering your bank account. An additional layer of security is 2FA. 2FA is used in many applications, especially when you log in to a website. It involves having an SMS sent to your registered phone number, in which it contains a code to input into the website. Banks use this as a method to verify that it is you who is accessing your bank account and not someone else.

Preventing modified devices from entering bank apps

Do you have a jailbroken iPhone or rooted Android phone? If you have any of these devices, you will not be able to use an internet banking app. Hackers can bypass the firewalls using jailbreak or root exploits in your phone and easily access your bank details. It is a major security flaw for which a workaround cannot be found. As such, banks do not allow such modified devices to access internet banking apps.

These features are made for customers to keep note of. What about the banks? Do they do anything inside their internal systems?

Security Audit

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Sometimes, banks want to add new features to their internet banking system to enhance their customers’ experience. As much as customers would love new features, it would take a while for them to be added. Banks will have to audit such a program or application to see potential flaws that could affect the integrity of their customers’ bank accounts. Throughout this review, suggestions will be given to address such flaws. Once everything is good to go, the software will then be installed into the internet banking system.

Strong Secure Infrastructure

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This is the amount of effort a bank takes in ensuring the safety of its customers, but there is definitely more that happens behind the scenes, just that they are often not revealed for security reasons. With all these protocols in place, you will never have to worry about a potential intrusion of your bank account, allowing you to enjoy internet banking with peace of mind.

This is the most fundamental element in the setting up of a bank, be it internet or physical. Few bank employees who can and need access to customers’ data have to go through multi-factor authorization, including biometrics, to ensure that the right person is entering an area where private information is stored. Even if an unauthorized person enters the core banking system, the data is always encrypted, making it very hard to crack. When one needs the data, personal information is not shown so an employee will not be able to see a bank user’s current balance, for example.

This is the amount of effort a bank takes in ensuring the safety of its customers, but there is definitely more that happens behind the scenes, just that they are often not revealed for security reasons. With all these protocols in place, you will never have to worry about a potential intrusion of your bank account, allowing you to enjoy internet banking with peace of mind.

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