Page 131 - Cyber Defense eMagazine January 2023

The system analyzes their questions and decides whether clients should be allowed to proceed with an
action (make a transaction or create an account). These solutions can also be used for real-time
screening when a transaction actually happens.

However, it’s vital for financial institutions to partner up with fintech companies that can provide them with
the exact tools they need.

5. Mobile devices

Source: Pexels

Mobile banking is a fantastic convenience many people enjoy today, but it also comes with many security
risks. These risks are constantly growing, and we’ve seen a growth of 80% in malware threats on Android
smartphones showing just how important mobile security is.

That is why banks and other financial institutions must constantly test their mobile apps to detect potential
issues. At the same time, they should come with additional data security features like multi-factor
authentication, data encryption, secured code, and secured communication.

Cyber Defense eMagazine – January 2023 Edition 131
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