Ensuring Secure Online Banking: Best Practices for Customers and Institutions

Ensuring Secure Online Banking: Best Practices for Customers and Institutions

The banking sector is quickly shifting to online where both customers and banks are happy with the convenience of their homes. In fact, online banking has revolutionized the way we manage our finances.

We can easily pay bills, transfer funds, and whatnot. However, with this convenience comes the pressing need for cybersecurity as well.

The world of online banking is not without its risks, for sure. So, both customers and fintech organizations have to be vigilant so that the precious customer data is safe.

In this comprehensive blog post, we talk about the threats that fintech institutions are facing and what technological advancements can make their systems secure. We will explore some best practices designed to protect both customers and organizations from the ever-evolving array of cyber threats.

stockphotoscom-2054659 security system for smartphones

That said, we’ll see how banks and other fintech organizations can leverage WME’s B2B cybersecurity services to enhance their service portfolio.

Join us to understand everything as we navigate online finance security. We’ve made sure you get everything you need to secure vital customer data and your operations from unauthorized access and online fraud. 

What are the Top Mobile Banking Cyber Risks & Threats?

Phishing Attacks

Malicious actors use deceptive emails that mimic legitimate sources and trick users into revealing sensitive information i.e. login credentials, account details, etc.  Fintech companies need the following to prevent losses due to phishing:

  • Robust email filtering.
  • Verification systems.

Malware and Ransomware:

These malicious programs can infiltrate a bank’s systems. They can then help the malicious actors steal or even encrypt vital data. Ultimately, they demand a ransom for its release. Fintech companies need the following to prevent losses due to Malware and ransomware:

  • malware detection tools.
  • maintain antivirus.
  • conduct regular system audits

Distributed Denial of Service (DDoS) Attacks:

These attacks can inundate your servers with massive amounts of traffic. They cause systems to crash, denying real users access to your online services. Fintech companies need the following to prevent losses due to DDoS:

  • Contingency plans in place.
  • Advanced network security measures.

Man-in-the-Middle (MitM) Attacks:

In such attacks, malicious actors intercept communication between two parties (e.g., a bank and its customer) without them knowing. This can lead to the unauthorized access of sensitive data. Banks should ensure secure and encrypted channels for all online transactions and communications.

API Vulnerabilities:

Banks are increasingly incorporating API-based functionalities to enhance their services. As a result, the risk of API exploits is also on the rise, as not all APIs are fully safe and secure. Therefore, they must ensure some dependable API security. Regular testing and monitoring for vulnerabilities can be the forward.

Insider Threats:

Sometimes, the threat comes from within. Employees with access to sensitive data can cause severe damage to your company (either intentionally or even unintentionally).

The following measures can help prevent insider threats before they arise:

  • Strict access controls,
  • Regular audits,
  • Employee training. 

Credential Stuffing:

This technique involves malicious actors using stolen info i.e. usernames, passwords, etc. to gain access to user accounts. Banks should encourage the use of unique, strong passwords to prevent credential stuffing. They also need to implement multi-factor authentication.

What are the Cybersecurity Solutions for Fraud Prevention in Mobile Banking?

Here are some cybersecurity solutions for risk management in mobile banking:

  • Penetration Testing
  • Incident Response Plans
  • Security Audits
  • Compliance Assessments
  • Network Security & Endpoint Security
  • Data Encryption
  • Multi-Factor Authentication
  • Security Awareness Training
  • Security Information and Event Management (SIEM)
  • Cloud Security
  • DDoS Mitigation
  • Identity and Access Management (IAM)
  • Security Patch Management
  • Threat Intelligence Services
  • Security Policies and Procedures
  • Managed Security Services (MSS)
  • Business Continuity and Disaster Recovery (BCDR)
  • Internet of Things (IoT) Security
  • Regulatory Compliance Consulting
stockphotoscom-2079254 Security financial savings online payment protection

Top 10 Cybersecurity Frameworks for the Financial Industry

  • General Data Protection Regulation (GDPR)
  • Payment Card Industry Data Security Standard (PCI DSS)
  • Sarbanes-Oxley Act (SOX)
  • Federal Financial Institutions Examination Council (FFIEC)
  • Gramm-Leach-Bliley Act (GLBA)
  • ISO 27001
  • Cybersecurity Maturity Model Certification (CMMC)
  • NIST Cybersecurity Framework
  • Financial Industry Regulatory Authority (FINRA) Rules
  • Personal Data Protection Act -PDPA (Singapore)

Use Case: How A Fintech Company Can Repackage WME’s Cybersecurity Solutions

Suppose there’s a fintech company- FinTech Innovations. 

They are looking to broaden their service portfolio by reselling cybersecurity services to other finance-related organizations.

Here’s a scenario that outlines how they might approach this thing:

How Does a Partnership with a Cybersecurity Provider Company Look Like?

FinTech Innovations identifies a reputable B2B cybersecurity company, ” WME”, known for its robust security services.

They negotiate a deal where FinTech Innovations can purchase WME’s services at a wholesale rate. They can then rebrand and resell them to their clients.

Fintech Innovation’s Service Integration with WME’s Cybersecurity Service

FinTech Innovations decided to offer these cybersecurity services as standalone products and enhancements to their existing packages.

They integrate WME’s solutions into their platform. The solutions can be: 

  • End-to-end data encryption,
  • Compliance with industry standards,
  • Automated Security Scans
  • Anti-Phishing Solutions
  • Incident Response Plan
  • Or, many others
stockphotoscom-1920668 Secure mobile banking with credit card

Scenario 1: Mobile Banking App Vulnerabilities

A fintech company that offers a mobile app suddenly discovers multiple vulnerabilities in it. These flaws could potentially expose the sensitive customer data they store.

So, to protect their clients and maintain trust, they contract a cybersecurity firm to conduct a wholesome security evaluation to remediate these issues.

After successfully making their app secure enough, they realize that other fintech companies can also benefit from the same services. So, they decide to resell the cybersecurity services as their own offering. This way they leverage their newfound expertise.

Scenario 2: Credit Card Fraud Prevention

A credit card firm encounters a rising number of fraudulent transactions. These frauds are not only costly but also hurt the level of trust among their customers.

So, they hired a cybersecurity firm to implement advanced fraud detection algorithms to consequently their security protocols. Recognizing the widespread issue of credit card fraud in the industry, they decided to package their cybersecurity solutions.  Then, they offer them to other credit card companies. This way, they position themselves as a leader in fraud prevention.

More Fintech Solutions That You Can Rebrand as Yours

  • Payment Security Suite
  • Mobile App Security Package
  • Cryptocurrency Exchange Defense System
  • Peer-to-Peer Lending Platform Security
  • Robo-Advisory Security Suite
  • Credit Card Fraud Prevention Toolkit
  • Insurance Data Protection Suite
  • Investment Firm Compliance Solution
  • ATM Network Security Framework
  • Stock Trading Platform Security
stockphotoscom-8617063 fingerprint to unlock security system

Wrapping it Up:

Online banking is a convenient yet essential part of modern life. But like anything connected to the internet, it comes with its own security risks. Fintech organizations need to grasp these risks and then implement the best practices outlined above. Then, they can consolidate their services further and protect their customer’s data.

This way they not only preserve their business reputation but also avoid hefty fines and legal repercussions. The only solution here is robust cybersecurity measures that you need to implement for the survival of your company. And, this is where comes the growth opportunity for you.

If you are a bank or loan company or whatever, you can augment your service portfolio by adding cybersecurity functionalities to your service package. You can use your finance niche experience and analysis to customize cybersecurity deals and then rebrand these cybersecurity services and sell them as your own product.

This is a huge opportunity that you should not miss. Remember, nearly every fintech company will face cybersecurity challenges in the next decade. You have a huge market to sneak in and start winning.

By partnering with WME, you gain access to a powerful arsenal of security solutions at an attractive price point. This allows you to bolster not only your own product or service security but also allow you to expand your horizon. We also offer Compliance as a Service that can help you or your clients adhere to necessary industry standards like PCI-DSS and OWASP.

WHY Windows Management Experts?

We understand that no two fintech organizations have the same needs and challenges. That’s why we offer bespoke cybersecurity solutions.

We start with a complete assessment of your organization’s /  client’s specific needs, vulnerabilities, core business, etc. and then we craft pur plan. 

With WME Fintech Cybersecurity services, you can expect:

✔ Customized security solutions for every need,

✔ Advanced Threat Protection

✔ Comprehensive Training & Support,

✔ Regulatory Compliance,

✔ Scalable Solutions,

✔ Robust Data Encryption,

✔ Proactive Risk Management,

✔ And More.

Our fintech cybersecurity solutions are not just about threat protection. In fact, they are about enabling fast growth and building customer trust with perfect compliance with regulations.

If you collaborate with us, we become trusted allies. When cybersecurity experts and fintech companies work together, they can create a safer online banking environment for everyone.

Let’s ensure peace of mind for every fintech consumer.

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Matt Tinney

Professional IT executive & business leader having decades of experience with Microsoft technologies delivering modern-day cloud & security solutions.

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