# Banks can provide a protective shield to defend customers from cyber attack Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-02-03 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Protect Your Online Banking with BankSafe Meta Description: Learn how our BankSafe application can protect your online banking experience from malware, phishing attempts, and identity theft. Keep your accounts secure URL: https://financedigest.com/banks-can-provide-a-protective-shield-to-defend-customers-from-cyber-attackhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/untitled-design-4-1736838593766-compressed.jpg) _By **Dave Waterson,** CEO, [SentryBay](http://www.sentrybay.com)_ Over three quarters of UK adults are now using online banking services, according to Statista. The convenience of being able to instantly access and check a bank account, make payments, set up direct debits and invest savings has driven adoption of this service, and helped banks to significantly lower their administration and physical estate costs. With very few exceptions, banks have implemented stringent security to protect their own systems and to comply with regulations. However, cybercriminals, adept at finding new avenues of attack, have turned their attention to [banking customers](https://www.financedigest.com/britains-metro-bank-returned-to-profit-in-september-sees-no-customer-stress.html "Britain’s Metro Bank returned to profit in September, sees no customer stress") instead. This is why malware designed to steal passwords and log-in details and phishing attempts are now the most common [scams perpetrated on customers during the online](https://www.financedigest.com/how-to-avoid-online-dating-scams.html "How To Avoid Online Dating Scams?") banking process. Despite the regularity with which [consumers use online banking](https://www.financedigest.com/what-vrps-should-do-to-improve-the-experiences-of-open-banking-consumers.html "What VRPs should do to improve the experiences of Open Banking consumers") and their understandable security concerns, all too often the devices they use to access their accounts are insufficiently protected. This could be because their security software is out of date, it doesn’t extend to guarding against specific types of attack, or it has never been loaded. The fact is, however, that from the second that a keystroke is made, if malicious keylogging or [screen grabbing malware has already infected the device](https://www.financedigest.com/neonatal-hearing-screening-devices-market.html "Neonatal Hearing Screening Devices Market"), the consumer is vulnerable to attack. Keylogging, which is ranked as one of the world’s most prevalent malwares, is covertly installed to record keystrokes which can later be used to steal passwords and log-in details, as well as all information entered during the banking session. Screen grabbing uses an [automated website to impersonate a web browser so it can extract data or perform actions](https://www.financedigest.com/impact-com-named-a-market-leader-in-research-in-actions-partner-management-automation-report-and-in-g2-winter-reports.html "impact.com Named a Market Leader in Research in Action’s Partner Management Automation Report and in G2 Winter Reports"), such as inputting log-in details, that a user would normally perform manually. **The need for fortification** While smartphones have an element of security built into the device itself, this won’t necessarily protect users from malware which can be easily downloaded from malicious texts or from the inadvertent opening of an email attachment. When it comes to desktop PCs and laptops, standard anti-virus solutions [need further fortification if they are to fully protect](https://www.financedigest.com/regulators-need-to-strike-the-balance-between-protection-and-strangulation.html "REGULATORS NEED TO STRIKE THE BALANCE BETWEEN PROTECTION AND STRANGULATION") users against the constantly evolving cyberattack landscape. Banks of course have no control over the desktop PCs, tablets or mobile phones that their customers are using. This is why a growing number are working with specialist cyber security providers to white label applications that can be easily downloaded by their [customers from secure banking portals and which will protect individual interactions](https://www.financedigest.com/ai-will-power-95-of-customer-interactions-by-2025.html "AI will power 95% of customer interactions by 2025") with the bank’s online service. [Solutions like our own BankSafe are designed to deliver a protective shield to customers](https://www.financedigest.com/why-no-code-beats-custom-software-and-turnkey-solutions-for-business-automation.html "Why no-code beats custom software and turnkey solutions for business automation"), regardless of the device they are using, and they are effective at preventing identity-theft, such as the stealing of passwords, phishing attempts, screen grabbing and ransomware. These [applications work](https://www.financedigest.com/brics-aerial-work-platforms-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "BRICS Aerial Work Platforms Market Competitive Growth Strategies Based on Type, Applications, End User and Region") in tandem with the default browser, targeting malware before it even hits the device. BankSafe, for example, [combats all threats without needing](https://www.financedigest.com/scams-have-eroded-digital-trust-banks-need-to-do-more-to-combat-the-industrial-scale-of-scams-in-the-uk.html "Scams have eroded Digital Trust – Banks need to do more to combat the industrial scale of scams in the UK.") to identify them first. It will also guard against another common threat – card-not-present fraud – which occurs during transactions, such as [eCommerce conducted online](https://www.financedigest.com/online-distribution-and-ecommerce-segments-are-expected-to-boost-demand-of-smart-fertility-tracker-market.html "Online Distribution And Ecommerce Segments Are Expected To Boost Demand Of Smart Fertility Tracker Market"). **Meeting compliance requirements** For the [banking industry](https://www.financedigest.com/the-survival-of-the-banking-industry.html "THE SURVIVAL OF THE BANKING INDUSTRY"), there is another important factor to take into consideration – compliance. The [impact of the Covid-19](https://www.financedigest.com/industrial-catalytic-converter-market-size-share-forecast-report-2027-covid-19-impact-analysis-fmi.html "Industrial Catalytic Converter Market Size, Share, Forecast Report – 2027 – COVID-19 Impact Analysis | FMI") lockdown, an increase in remote working, and a rise in online activity has created a backdrop of increased scrutiny when it comes to regulations such as PCI DSS, HIPAA, GDPR, FFIEC layered security and internal infosec requirements. So solutions that help [customers to be protected easily whenever they use a bank’s services](https://www.financedigest.com/why-banks-need-to-embrace-ai-first-customer-service.html "Why Banks Need to Embrace AI-First Customer Service") online will also help to enhance that bank’s risk profile and make it easier for them to meet regulatory requirements and international laws and local guidance. Ease of use is essential. If banks are to ensure that customers adopt these [security applications](https://www.financedigest.com/five-ways-bad-bots-are-trying-to-crack-your-virtual-vaults-by-erez-hasson-strategist-application-security-at-imperva.html "Five Ways Bad Bots Are Trying To Crack Your Virtual Vaults"), they need to be easy to install and require no special configuration. In addition, the solution should protect not just against known malware but undetected malware too, ensuring that [personal](https://www.financedigest.com/cracking-the-personal-finance-code.html "Cracking the Personal Finance Code") financial transactions are futureproofed against breaches. **The outlook** With payment fraud expected to increase exponentially, [customers are looking to their banks](https://www.financedigest.com/banking-from-anywhere-embracing-technology-to-exceed-customer-expectations.html "Banking from anywhere: embracing technology to exceed customer expectations") for reassurance that they can interact securely with them. Solutions designed to shield all of their transactions from risk will serve to provide a seamless, secure online [banking service](https://www.financedigest.com/major-myths-and-questions-holding-banking-and-financial-services-back-from-full-digital-id-adoption.html "Major myths and questions holding banking and financial services back from full digital ID adoption"). In addition, as banks continue with their [digital transformation processes](https://www.financedigest.com/automating-business-processes-is-essential-to-digital-transformation.html "Automating business processes is essential to digital transformation"), delivering online user experiences that are memorable only for their excellence, and not for any dangers they might present, will become essential. That’s why they should be proactive in extending security solutions [direct to customers](https://www.financedigest.com/why-due-diligence-is-so-important-for-direct-debit-customers.html "Why due diligence is so important for Direct Debit customers"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---