How Does Cybersecurity Affect Your Online Banking Experience?

Nothing feels as good as seeing a notification that your payment went through on your bank. Since almost everything is automated these days, you won’t have to go to a bank and talk to a teller about your balance, withdraw money from them, or make a personal bank loan. Additionally, almost everyone around the world has access to the Internet through their mobile devices. The current rise in mobile applications has made it easier for us to withdraw, deposit, and even shop online with just a single swipe of our finger.

However, this does come with some added risk. As the same suggests, online banking means that you’re primarily using the Internet as a bridge towards connecting to your bank account. Most hacking incidents have shown that data that’s being sent back and forth can be intercepted by malware and hackers.

Of course, for financial institutions such as banks, there is a great deal of care and security measures to ensure that cyber-attacks and malicious activities are mitigated. But how do these cybersecurity departments protect banks from malicious entities that are will do anything to get bank information?

Cyber Security’s Influence

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There’s no doubt in anybody’s mind that banks are loaded with cash, which makes them prime targets for hackers and individuals with ill-intent. In 2019 alone, the total expense for each company against online fraud activity has reached 13 million. Malware is the leading cause of fraud, followed by web-based attacks, DDoS, malicious sabotage, phishing, and even ransomware.

When it comes to being the most prepared against these types of attackers, Japan is the first in the list, followed by France, Denmark, Canada, and the United States. Cybersecurity has had such a significant impact in these countries that the cybercrime rate on mobile phones is roughly just around 1%. In contrast, the countries that have invested the least in their cybersecurity had an increase in online fraud activity.

It’s safe to say that cybersecurity will have an overall impact on how individuals will transact online.

Be Aware

While we understand that most individuals are trying their best to keep their personal information as confidential as possible, there’s always a situation where we have our payment information to a site. While there are legitimate sites that do offer their services, there are also sites that will pose as replicates of legitimate websites. Most of the time, these sites will ask for your personal information. In some instances, phishing sites and scam emails will also pose as banks and will dupe individuals into giving up their bank information.

What are some signs of sites that are not secure? Here are some red flags to look out for:

  • There is no ‘S’ in the HTTP, which is usually found at the beginning of the URL. That means that the site is not available for extra security measures and that the information contained is not encrypted.
  • You have to type in your log-in information again. Be very mindful of the site’s URL. Most people will often click links without noticing that the site isn’t the actual official site they are going to. Additionally, if it was the official site, then your log-in information should have already been saved in your browser for the site in the first place. That is a clear indication that the site is a phishing site and keylogging your password and username.
  • While not necessarily a sign, but if vital information and content are behind a paywall, then it’s highly advised that you do some background investigation of the site. Giving out your payment information to websites that you are not sure about is a big no-no.

When it comes to mobile applications, hackers will usually devise sneakier approaches, which range from app hijacking, keyloggers, and SIM swapping. Although, most of these can be avoided as long as you’re mindful of what’s going on. For instance, hackers will usually create apps that are a direct copy of a popular app. When users download this from the app store, they won’t know that malware is gathering information from their phones.

Overall, cybersecurity is one of the reasons why you can issue a loan without having to worry about third party individuals breathing down your neck. Banking has adopted several complex and guaranteed ways to mitigate the risks of cyberattacks. Ultimately, the best way to counter any of these threats by making everybody aware that there is a clear and present threat to our personal information. While safely encrypting and securing your mobile device can be a complicated process, the key takeaway is that professional individuals are working around the clock to ensure the safety of your personal information, and the money that you have worked hard for.