Bank Security: Protecting Assets

The banking world has transformed considerably from its once standing safes into firewalls shrouded with encryption in this digital era. Bank security is constantly being guarded by evolving methods which are designed to remain one step ahead of potential threats. The following is a look at how banks are protecting your money –physical or digital. Bank Security: Protecting Assets.

Traditional Physical Security Measures

The Age-old Vault

In times past, the heart of security in banking lay within the vault. These vaults were constructed with strong, reinforced walls of thick concrete and the most advanced lock systems for security against theft of money or valuables in the castle.

Surveillance Systems

Physical security changed its face due to video surveillance cameras. Suspicious activities were easier detect with camers watching all four corners of the land.

Security Personnel

With the advent of civilization, the use of security has been a great concern, for instance, guards in uniforms with communication gadgets have all along been important aspects of bank security.

Digital Transformation in Banking

Online Banking

This has resulted to an increase in their use because it is convenient to use. Various operations can be done within a short period of time ranging from checking one’s balance account to transfer of funds.

Mobile Banking Apps

In response to the widespread use of Smart phones, Banks came up with application that has enabled mobile user to access there account while on the way.

Digital Wallets

The pandemic has made electronic wallets and touch payment methods more beneficial than ever before; it offers an avoidance of physical interaction between individuals.

Challenges and Threats in Digital Banking

Cyber-attacks

Banks are forever threatened by various cyber dangers from DDoS attacks to malware infections.

Phishing Scams

Scammers pretend to be trustworthy entities to get people to provide important details.

Identity Thefts

Occasionally, digital platform could serve as a playing field for an identity thief if not correctly protected.

Modern Solutions for Digital Security

Two-factor Authentication (2FA)

Two-factor authentication or 2FA means that users must produce an additional layer of protection by providing two types of password checks.

Biometric Verification

Secure access is being achieved through fingerprint scans, facial recognition and retina scans.

Blockchain Technology

The emerging block chain technology provides for a centralized and transparent system; hence unwarranted infringement is almost negatively.

How Can Consumers Ensure Safety?

Regularly Update Passwords

Complex password updates can ward off attack by hackers any time.

Monitor Accounts

Bank statement can also be monitored every day for possible inconsistencies.

Use Official Banking Apps

Make sure that you download only genuine and legitimate banking apps on a credible market place; that is, only from banks’ or trusted sites.

The Future of Bank Security

The method used in securing banks would change with time as technology changes. Future banking systems might use predictions to detect potential dangers that are yet to develop.

While consumers should be aware of what is going on at Banks, banks must also fulfill certain part. Combining this, there is an agreement to achieve equilibrium whereby assets real and electronic are securely protected.

Disclaimer: Ask your bank about the best security measures that you can take and avoid sharing personal banking information on unsecured channels.