Digital banking in Spain has experienced strong progress in recent years as a result of the large investments made by the sector in innovation and digitization of financial products and services. Today, 50% of banking customers are already digital, and in some entities this percentage rises to 70%. Undoubtedly, the possibility of accessing digital financial services entails important advantages for users: agility, accessibility and comfort, among others. But at the same time, potential risks are generated that force entities and users to reinforce security measures as much as possible.
Internet traffic has grown globally over the past two years due to increased digital activities and transactions. Many companies have been forced to speed up their digital transformation. The shift towards telecommuting and remote education has triggered the demand for cloud services and connectivity, accelerating the digital economy and the growth of network traffic. In addition, the number of users with access to the Internet has increased throughout the world and more than half of the world’s population already uses mobile Internet.
Financial institutions are betting on technology as a method to protect both their customers’ data and their bank accounts. In that sense, apart from the classic recommendation to choose strong passwords and change them regularly, they are also implementing new security methods and working to facilitate more comfortable access through their digital applications. In addition, the European directive PSD2 has reinforced the security of electronic authentication systems. In this way, any payment is made with a reinforcement when verifying the user’s identity.
Aside from security applications implemented by financial institutions, customers are also advised to take certain precautions to avoid security breaches. In this sense, it is recommended not to share with anyone the passwords for access to mobile banking, nor the code or pattern of access to the devices (smartphones, tablets or computers). In turn, the configuration of the automatic blocking option on mobile devices is requested. It can be done by PIN, unlock pattern, fingerprint, or through the facial recognition tool if the mobile has it.
Users should also not enter private data on public Wi-Fi networks, as some of these open networks can be used to spy on data traffic. In this way, users, passwords and other information are captured in order to later make fraudulent use of them.
As for passwords, it is requested that they be changed regularly and combinations that involve some difficulty are used. These should not be saved on mobile devices or on the computer. Nor should bank account numbers or debit or credit card numbers be stored, since they are confidential data. In case the devices are stolen, the criminal would obtain sensitive information from the personal equipment.
To enhance security, no personal or financial information should be provided through calls, messages or emails. And, finally, any suspicious movement must be reported to the bank immediately. There are many aspects that influence banking security. Fortunately, and with the help of technology, entities are taking steps to reinforce and take care of the security of their customers’ data.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.