Steps to Improving Banking Security and Authentication

Online banking has surged in recent years, especially with the move towards going mobile. Common ways to access bank accounts have gone from in-person service to clicking a couple buttons on a phone or just pressing your fingerprint against a phone. With this tech-first way of delivering account information comes the risk of creating a lack of security among bank customers. Financial institutions can mount up by investing in protection like Bankers Liability Policy and other services, as well as implementing smart security practices.

Here’s a look at how your financial institution can protect the safety of your customers’ information, creating a safe online banking experience.

Use Two-Factor Authentication

Having a list of passwords and usernames may be annoying to some customers, but according to USA Today, having this kind of added security protects against impostors online. A two-factor authentication, adding another layer of security, can also help to alleviate security risks for customers. An idea is to require a special temporary code that only the customer knows, making it unlikely for hacking to occur.

Update Passwords

Signing up for online banking requires putting a password in order. But sometimes customers don’t consider creating a new password regularly, which makes it easier for hackers to breach information. Having your customers update their password on a regular basis essentially creates a moving target for hackers. Additionally, setting specific standards when it comes to creating a password makes it more airtight, like adding variance in special characters and length.

Provide Security for Records

Customers may ask their bank to keep their records safe. They want to know what they are doing to keep everything in order and updated, as well as away from any threats. Keeping a transparent system in order to assure your customers their information and funds are protected adds a sense of security.

Online banking is convenient, but does come with the cost of putting information out there for anyone with computer knowledge to target. Providing assurance as well as unique authentication can help provide your customer based with a feeling of safety.

About Financial Guaranty Insurance Brokers

Since 1983, ​Financial Guaranty Insurance Brokers​ has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.

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