Despite great improvements in security products, financial institutions such as banks continue to lose a lot of money to fraudsters. According to Kaspersky Lab, a Malware and Security solutions company, hackers managed to steal more than $1 billion from more than 100 banks in 25 countries in 2014 alone.
They managed to access the banking systems by infiltrating it with malicious virus (malware). Brutal ATM threats is also on the rise as unscrupulous individuals insert skimming devices that get a hold of customer account information. The following are advanced security measures being adopted by financial institutions.
1. Use of Cyber Security Metrics
Cyber attacks rank among the top threats to banks and other financial institutions. Individuals are able to monitor and control ATM operations remotely and can access funds through transfers or letting the ATM spew money. Banks such as Bank of America which is the no 2 bank in the US has adopted cyber security metrics. These financial security systems frequently scan the system, create a trail and also counts potential risks. This action helps identify suspicious activity by tracking events.
2. Emergency Response ATM Security Systems
According to the Muthoot Pappachan Group, one of the leading providers of banking security products in India, many financial institutions lose lots of money through ATM attacks. Attackers either use crude weapons or insert skimming devices into the money dispensing machines.
Furthermore, banks spend lots of money deploying people at each and every ATM machine. The company has come up with technology where ATM machines are fitted with electronic sensors that monitor suspicious activity and send an alert/call to designated control rooms within the vicinity.
3. More Advanced & Secure Mobile Banking
Mobile banking is first becoming the preferred mode of transacting. However, it also comes with many security risks since it is still at its infancy stages. According to a report published by Norton, an anti-virus and Malware Company, banks and people lose lots of money due to poor authentication process while using mobile devices. One of the best security products is from Apple which not only identifies but also authenticates users when they log in/access the account and also features a revocable standard token.
4. Triple DES or 3DES
Triple DES which is also known as 3DES is one of the financial security systems that are being adopted by many banks. Normally, data is encrypted once; however, in triple DES technology it is encrypted three times. It follows a sequential process where the first 64 bits are encrypted by the second 64 bits which is then encrypted by the third 64 bit.
5. Intelligent Solutions
Another way of combating loses due to attacks on ATMs is by adoption of intelligent security cameras. The solutions come with a range of features which help monitor as well as keep track on the activities within the area. Courtesy of highly-advanced video analytics the systems feature facial recognition, motion sensing, as well as behavioral recognition. They can also be integrated with other safety options such as alarm systems, GPS, surveillance systems/CCTV and more.
Online and mobile banking is playing a core role in financial institutions. However, cybercrime and ATM attacks are posing a great threat to this industry. It is therefore paramount to adopt the above mentioned security products to minimize the losses
For more information on the advancements of security systems and products for banks and financial institutions, visit:
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