E-banking security has never been more critical. This is due to the growing popularity of modern technological solutions and, consequently, their associated risks. We present our latest report, ‘E-banking security 08/2015’, which describes the evolution of authentication and authorization tools, focusing on mobile channels and the systemic security of financial institutions.
We are at a point where banks need to rethink their approach to authentication and authorization because of the rising cost and diversity of access channels and the increasing frequency of cyber-attacks. These challenges require an individual approach from each institution, balancing the ergonomics, security, and economics of the solutions used.
We emphasize the need to regulate the development of authentication tools by developing, implementing, and updating standards at the financial sector level that are consistent with global standards. The banking sector can use its expertise in customer authentication to create new business streams and areas of collaboration, for example, with e-government.
The report also discusses the potential and challenges of biometrics, which, despite high hopes, faces technical and customer acceptance issues. Modern software development methods, such as Scrum, and automated security systems are vital to ensuring the security of e-banking.
Our comprehensive report offers a detailed overview of the tools, methods, and strategies that financial institutions can employ to effectively safeguard themselves against the expanding array of threats. It illuminates how security features, the development of authorization and authentication tools, the quality of software in production, and robust fraud detection systems can synergistically shape the future of secure e-banking. By reading this report, you will be well-equipped to navigate the complex landscape of e-banking security.
Revision date: 4/6/2024