Security in online banking

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We invite you to read Special Report II, dedicated to e-banking security. The report highlights the dynamic evolution of digital threats in the financial sector based on an analysis of 2014 data. It highlights the increase in security incidents, which have a direct impact on financial services and customer confidence.

We observe how the popularity of e-banking, with some 13 million active users, and the shift of transactions to electronic channels, often over 90 percent, pose a significant challenge for financial institutions.

The report shows that banks and other financial institutions, such as payment institutions and online stock exchanges, are becoming targets for cybercriminals. Hackers aim to take over customers’ identities and manipulate transactions by exploiting the weakest links in authorization and authentication processes. Identity theft and theft of funds are also becoming an issue, with the risk of damaging confidence in the financial sector.

The report delves into the pressing and future challenges for e-banking security in Poland, underscoring the urgency of developing robust authorization and transaction authentication tools and the imperative of customer education. With the surge in mobile banking, it becomes crucial to explore new, more secure authorization methods that surpass the current SMS codes in terms of protection.

We underline the importance of cooperation between the various financial market participants, law enforcement authorities, and regulators in sharing information on incidents and preventive measures. Such measures should increase the effectiveness of the fight against cybercrime and minimize financial losses.

The future of e-banking security is linked to developing biometric technologies, FIDO standards, and other “second-factor” tools such as hardware tokens and portable devices. The development of internal security processes and systems within financial institutions and the education of a wide range of stakeholders – from customers to IT providers and government institutions – will play a key role.

 

Update date: 4/17/2024

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