The financial sector faces an endless struggle, arranging their work in compliance with all the international online banking security standards. With new tools for customers’ delight, more risks and requirements appear. To overcome all the challenges and set apart from your competitors in 2019, stay informed and keep reading our guide.
This guide covered how you can deal with online banking challenges. So, before going deep into this guide, you have to know The Most Important Challenges Of Online Banking Nowadays.
To correlate with security standards and gain customers’ trust, above all, you need to track your bank’s performance and legalize it with certifications, provided by audit companies.
The audit companies are independent security organizations hold up-to-date information about threats, and guidelines for avoiding them. Their certifications ensure that your bank works according to the required security level
What audits should you take?
To ensure Payment Card Industry Data Security Standard (PCI DSS) compliance you should pass annual and quarterly audits. Besides annual audits accredited with Qualified Security Assessors (QSA), we recommend undergoing quarterly audits by Approved Scanning Vendor (ASV). They give a detailed analysis, and ideas relating to any improvements in your system, confirm PCI compliance and detect vulnerabilities in an organization’s network.
Total control of the human factor is impossible even if you have all the certificates. An annual internal evaluation helps to prevent accidents caused by your employees. The best practice you may initiate for this purpose is Mystery Shopping.
Before a secret shopping inspection, a mystery shopping agency in cooperation with a bank creates educational materials (scenario, instructions, and forms). After visit completion, a mystery shopper must provide evidence, such as forms, audio recordings, video recordings, photos, scans, screenshots of correspondence.
You can conduct in-house inspections, as well. However, the results are inferior to professional mystery shopping services. Why?
Mystery shopping agencies know international methods and stay in touch with mystery shopping communities. They getting their ideas and techniques for the programs from a variety of fields. A high-quality mystery shopping agency has a well-developed system, a wide base of trained secret shoppers and up-to-date equipment and software.
Here, 5 more reasons why your bank needs mystery shopping services.
1- Measures to meet banking security standards
Despite the active development of online banking, branch banks are still important. So, modern banks must make double efforts and pay attention to both online and offline security.
2- Security measures offline
The safety measures in bank offices include alarm systems, identification, and video surveillance.
To maintain the effective work of this traditional method, it is important to conduct regular emergency exercises and sensors inspections. Murphy’s law activates when something gets wrong. So, don’t allow an accident to occur at that very moment when your security system is out of order.
Equip your cash operation units and storerooms with autonomous systems of restrictions to avoid external reprogramming. Employees entering the room must use two or more identification levels: a card, a pin code, and a fingerprint.
Financial sectors are limited to serious restrictions of traditional video surveillance usage. How to control all the operations in the banks and ATMs in this case?
Thanks to modern systems that meet security requirements and allow a high-quality connection. Modern IP-cameras and HD-SDI are FullHD with the speed up to 60 km/sec will not leave intruders unpunished. Other important advantages of modern video security are video analytics and accident detectors.
3- Security measures online
With increased access to the Internet, the banking sector experiences digital shift: 60% of smartphone users report using mobile banking in some way. However, malicious Internet users cause serious threat link to the first articles to your clients’ accounts. How to protect them and increase customer delight and trust?
Besides login and password, distribute physical objects in the user’s possession, such as a USB stick with a secret token, a bank card, a key. You can get ideas from the platforms similar to the Entrust Cloud.
Biometrics is one of the bank’s security trends in 2019. A report by Goode Intelligence forecasts that 1.9 billion bank customers will be using some form of biometric identification by 2021. Many banks nevertheless haven’t launched the biometrics service yet, they are actively gathering biometric data of their customers.
Though this method is considered to be progressive, it requires even more precautions due to the risk of biometric information leakage. For example, the first PoC (proof-of-concept) attacks of financial services have already occurred and biometric data systems of some banks were stolen.
Real-time notifications can help customers to be promptly informed about fraudulent transactions. The main transaction notifications can be forwarded via SMS, e-mails, push, messengers.
The most promising channel is push messages as it is 10 times cheaper than SMS-notifications, which are so popular.
Some companies outsource push notifications but we recommend you in-house push-notifications service. It doesn’t require a mediator, so your push-notifications delivery will be fast and reliable.
To arrange this service in-house, take into consideration that some banks’ policies don’t allow to forward sensitive information through the clouds and require notifications forwarded through the protected channel.
The fact some customers use several devices is another bottleneck. To avoid potential risks, banks forward the code to only one device.
In the near future, we shouldn’t expect bank systems to be under the total control of artificial intelligence. But Artificial intelligence will automate the routine process and increase the client’s satisfaction. For now, chatbots are the technology that can make a difference in your bank’s performance. To avoid a risk of the system discreditation, take security precautions and implement rules outlined by the Open Web Application Security Project.
Invest your time in your client’s education. Even if they are scammed because of their security negligence, it will be your reputation that is in trouble. Inform them about the important rules while banking online: they must use a protected Internet connection, ignore suspicious emails, create passwords complicated to hack, keep updated anti-virus software.
Provide secure payment on the Web
Sometimes fraudsters manage to cheat bank mobile apps sending fake security certificates for connection. The possibility of this situation was detected with apps of 40% of banks. To avoid these accidents, get a reliable SSL-certificate.
The main purpose of SSL is to provide a private connection between the web server and browser with the encrypted link between a web server and a browser SSL aims at protecting communication from the intruder in-between».
Because of high demand, some SSL certification centers provide the security check less thoroughly. As a result, even unreliable and unsafe websites get an SSL certificate. Google investigation showed one of the largest and credible SSL-certification center’s hands out over 30 000 certificates without proper inspection. And that’s crucial for bank services as malicious users can replace the online banking page with fake ones or distract the user to pull the information.
Serious certification centers must provide the official purchase agreement with a quality guarantee. Serious companies provide all the main SSL- certification types: Domain Validation, Wildcard, Extended Validation, Unified Communications, Subject Alternative Name, Organization Validation. The difference of SSL certificates is based on type, a number of protected domains, green highlighting of the address, etc
Every bank must create an impeccable security system in the company as they deal with personal information and their clients’ financial sources. With technological development, the pressure on the banks is just increasing because of online banking. However, there are all the tools to prove your reliability, starting from certifications and ending at AI.