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Why There Is High Need Of Cyber Security Solutions For Financial Institutions?

By Author: Nytra Joshi
Total Articles: 2

The unprecedented growth of cyber crime on financial institutions is really a cause for concern. The financial loss which is incurred after this is just worth more than millions. A very disappointing result of such kind of cyber crimes is that it creates a huge burden on the financial institutions and the banks, which puts the customer’s money at high risk. Financial institutions really need to identify such threats and find out the potential solutions for them to prevent the heavy burden which these unsafe events have.

There are many challenges which cyber crime poses. The cyber criminals are experts in designing and implementing special technologies which are extremely difficult for identification by the financial institutions. They can just ruin the naïve customers by this action of theirs. Such criminals are extremely cautious and employ newer tricks at regular intervals to trap the users.

Common tricks of cyber criminals

The financial criminals create tempting messages which flash across various bank related websites. Upon clicking such ads, the user makes it easier for the criminals to access their login details and passwords. These details are then majorly misused for conducting various kinds of fraudulent transactions and transferring a huge amount of money to their own accounts. The ATM services are also prone to fraudulent activities by the cyber criminals using various kinds of tricks to get hold of the confidential data in the card. Even pin numbers can be obtained in this process. This way the criminals can even create fake cards to withdraw money from the account of the individuals.

Fighting against cyber crimes

Many financial institutions are concerned with the increasing frequency of crimes and the sophisticated methods which the criminals are using, to dupe people of their money. The financial threats are increasing the cost to design resources and technology to fight against the cyber crimes which have grown at an alarming rate. Electronic banking is a very commonly used technology by the customers. The banks and the ATM vendors are under constant pressure to handle attacks on mediums such as internet and ATM machines. The irony of the story is that both of these are primary sources to access money from one’s own account.

Financial criminals find easier to attach single line of business

The financial criminals find it very easy to attack a single line of business like the wire transactions. The frauds on such mediums help the fraudulent individuals to involve more in money laundering without getting noticed. It is high time that cyber security solutions for banks are devised. Many financial institutions and banks are failing to employ the adequate resources to deal with money laundering and maintain the Bank Secrecy Act due to these continuous criminal challenges faced by them.

There are many leading companies that are known for being the premium perimeter security systems India, which caters to the security needs of banks and FIs. They are capable of devising special strategies to ensure that their clients are safe from the clutches of these criminals. For a constant supply of highly secured operations, the financial institutions should always outsource their services to security companies which are reliable.

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