The environment of uncertainty caused by the Covid-19 crisis has forced businesses and citizens to accelerate their technological training and digital skills in order to carry out their day-to-day operations normally.
In the banking sector, this has meant an increase in electronic interactions for processes that were usually carried out at the commercial office, such as security bank online account opening or granting credit.
To gain the trust of citizens and circumvent the threats of fraud and data theft in the digital world, companies need to invest in cybersecurity, especially in the technology needed to ensure total bank account security.
Find out how to operate with full digital freedom and access to more than 500 million consumers in just 1 click in this whitepaper.
How to open a security bank account ensuring phishing and data protection
When it comes to attacks that threaten bank account security, cybercriminals can target either the customer or the banks themselves.
Phishing is the most frequent attack, and it targets the customer. This is a deception technique that uses e-mails accounts or websites that imitate those of trusted institutions (governments, banks, etc.) to ask the user for personal information such as account numbers or passwords. For banks, this widely compromises the bank account security for their clients.
A specific way of obtaining personal data using phishing techniques is the publication of fake job offers in which the applicant is required to disclose his or her details or open a specific bank account.
Another attack on the customer that does not require technology, but rather manipulation skills, is social engineering. Fraudsters try to gain the trust of their victims by getting them to voluntarily disclose information in a conversation or an email in order to obtain their bank account details and security requirements.
In terms of attacks on businesses, data theft stands out. The most vulnerable companies tend to be retailers, airlines, streaming services of even banks. Without proper technology and security measures, from this data, they can breach the security in any bank account.
Most often, after breaching a bank account security, they fraudsters normally make purchases and commit other frauds.
You may also be interested in: Facial spoofing: what it is, how to prevent it and spoofing detection solutions
5 ways to ensure bank account details security
Improving bank account security depends on two factors. The first one is increasing public awareness and education on cybersecurity to prevent phishing and identity theft.
The second one is for financial institutions to have robust and hard-to-steal security systems in place, such as two-factor authentication or biometric access to ensure full security in bank online account opening.
Both factors are technology-dependent, as one relates to implementation of software and the other to digitalisation awareness. Let’s take a deeper look at the technologies that ensure bank account details security.
Two-factor authentication depends on a successful onboarding process. It is a form of identification that requires the use of two of these three factors:
- Something that the user knows (e.g., a password)
- Something the user has (such as a mobile phone or a token)
- Something the user is (biometrics)
If any of the factors fail when logging into a bank account with security, the transaction is automatically cancelled.
Electronic IDentification develops and implements two-factor authentication technologies such as facial recognition, one-time passwords, and electronic signatures. SignatureID offers a solution tailored to the company’s needs in an omni-channel environment.
Biometric access for bank account security
The use of biometrics to ensure the security of bank online account opening has already widespread among users of online banking. It involves the recognition of unique physical traits such as a fingerprint, via a sensor, or the face, via a camera.
Electronic IDentification’s biometric facial recognition algorithm uses artificial intelligence and machine learning for fast and 100% secure identity verification for bank account access.
You may also be interested in: second factor authentication with facial biometrics.
Real-time instant notifications
Bank account transactions can be monitored by linking a single device, typically a mobile phone, to receive instant push notifications or messages when a transaction is being attempted.
This technology is becoming increasingly common because it is very user-friendly and allows for quick verification of legitimate account usage in real time.
Geolocation of use
Accessing the location of a device to allow session access enables rapid identification and control of cybercrime risks. Upon detecting access at a suspicious location, the system can send a message to the client with the located address to verify whether they are indeed the person attempting to authenticate.
If two-factor authentication is not enabled, e-mail is an insecure method of communicating sensitive data. One of the most widespread solutions to ensure security is to send notifications to the banking app inbox instead to a personal email account.
eID: solutions to ensure total security of bank online account opening
Electronic IDentification is the perfect ally to increase bank account security as its technologies are designed to generate trust and a seamless customer experience.
VideoID is a biometric facial recognition system that relies on artificial intelligence and machine learning to record and identify the unique patterns of each person’s face. Added to this is the behavioural biometrics layer provided by SmileID, a system that allows a transaction to be validated or an account to be authenticated by a smile.
Both solutions are based on capturing images in motion, a methodology that is not only safer than the selfie but is also the only biometric facial recognition technology compatible with eIDAS regulation.
In addition to these technologies, there is the HelloID conversational assistant, which enables a much faster onboarding process for the customer and, thanks to its high level of personalisation, contributes to building user confidence. The use of digital banking will increase in the coming years. Financial institutions must consolidate and improve the security of bank online account opening to close the gaps of an accelerating digital transformation. To do so they must choose the best possible technology partner. Electronic IDentification’s experience and capabilities make it the partner of choice for digital identification security in the banking sector.
Discover here how to expand your business across Europe with the highest levels of regulatory enforceability and trust.