GLOBAL BANKING AND FINANCE MAGAZINE
How banking security will change in 2020
The bank security industry is characterized by perpetual change, a result of the constantly developing methods employed by cybercriminals to defraud customers. Banks seeking to protect their users face an ongoing and uphill battle.
According to Accenture figures, the banking industry incurred the highest cyber crime costs of any industry in 2018, averaging $ 18.3 million per institution. Meanwhile, new annual figures from Cifas, the UK's fraud prevention service, suggest that fraud cases increased by six percent last year.
All signs point to the fact that 2020 will be no different. Banks will have a hard time stopping the flow of attacks, which are increasing in both sophistication and consistency.
In addition to complexity, the bank security industry will also have to respond to a multitude of other external factors, with social, technological and legislative factors also contributing to the inevitable change in the New Year.
So looking back to the rest of the year, here are four factors that will influence bank security in 2020.
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The supremacy of desktop and phone banking is coming to an end, interrupted by the rise of the mobile channel. Powered by the preferences of Millennials and Generation Z, the mobile will become the most used banking platform in 2020.
Although the ease with which customers can deposit on their mobile devices represents a victory for convenience, it also increases the size of the attack surface open to bad actors. Whether mobile is already part of a bank's offering or a new mobile app is to be launched, security needs to be built in from the start, not added as an afterthought.
Scammers have identified the mobile channel as a relatively vulnerable target, due to its relative childhood compared to other channels. They have tended to focus on security weaknesses related to registering, activating, or using a mobile device in relation to an online account or transaction This means that professionals in the banking security sector should pay particular attention to the security of banking applications launched in the New Year. The development of applications, either internally or through an external agency, must incorporate the best security mechanisms to protect users from fraud.
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