Finance

How Secure is Digital Banking?

Digital banking has changed the banking industry by facilitating more convenient and quicker transactions. According to the BCG (Boston Consulting Group), the number of people using digital banking is anticipated to reach around 151 million and double by 2021.

Although most people have read or heard about deceitful online transactions in the past, most banks have started raising the bar in their security systems. These systems are enough to make users feel confident and safe while conducting online transactions. Now the banks are giving top priority in choosing a safe and secure digital banking solution providers by which they will be able to do provide safe and secure transaction services to their customers

Authentication Options

Any reliable banking organization will now provide an additional method of authenticating a new sign-on. Basically, this encompasses two-factor authentication. Once you enter a password, you will have to put in a one-time code so as to finish the login. You can get the code through an authenticator app or SMS.

Other means of authentication are soon coming into play. This may be through voice, retinal scan, or biometric identifier, like a fingerprint.

  1. Account Management

Editing the details of your account needs additional checks so as to verify that it is only you who is making the changes. Every time your details are altered, you may want the bank to send you a notification to alert you of the potential breach.

However, you can mark them down in case these messages include a link to a page or phone number. This is because many scammers may replicate emails and texts so as to trick you into entering your information on fake websites. Most banks don’t include website links or phone numbers in their messages; thus, it would be easy to spot scam attempts.

  1. Gateway Payment Solution

Payment gateway solutions serve as a channel between banks and eCommerce sites, which processes credit cards for clients. The solutions can also process ACH (eCheck) and debit card payments.

The main goal of gateway payment is to safely transmit confidential debit/credit card data to the issuing bank. Now that there are many payment gateway providers, it is important to make the right choice.

Some of the reputable and popular gateway solutions include:

  • Skrill
  • BrainTree
  • PayU
  • Melio
  • Stripe
  • BlueSnap
  1. Card Locking Feature

To add a security layer, fin-tech firms like LeoPay will allow you to lock your credit or debit card when it’s lost, misplaced, or you don’t have plans of using it. This may help to make sure that you protect your cash, even when the card is stolen.

Apart from the card locking feature, you may as well disable different kinds of operations. For example, you may deactivate all online transactions using your card. You may also stop ATM withdrawals, especially when you mostly use your card for online buying.

  1. Artificial Intelligence

Artificial intelligence (AI) tools are important for banks in avoiding fraudulent activities. The tools may easily detect frauds that humans may not be able to identify.

Most fraudsters have started deploying digital bots for virus and malware attacks. AI tools can identify and handle these attacks. Banks may also get real-time details, which might be available on the web and online platforms.

To Conclude!

More aspects of life are managed online. Whatever you did in the past through traditional methods, there is definitely a digital alternative.

Though when it comes to banking, most individuals are wary of security issues. As long as you are not negligent, banks can genuinely refund all the fraudulent transactions. Hence, it’s always good to be safe than sorry.

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