If you ever consider being smarter in how you can protect your customers’ data, then? Well, you are here now and that is good.
Since the banks are handling a voluminous database containing crucial information of the customers, it has become highly imperative to shield that important information from the pryings of the unauthorized. Of course, there are a number of thanks to the digital technologies that enable banks to keep that data safe.
This blog has a goldmine of digital solutions! Let’s explore them together.
AI-Powered Real-time Fraud Detection
Using advanced tools, attackers put at risk of cyberattacks the customer’s bank data. To address the flow of the incoming data and to halt incoming threats AI solutions can be used.
The good data are entered into the AI models as the data related to the legitimate transactions while the bad data are the data related to the fraudulent transactions. AI models in business settings are designed in such a manner that they incorporate customer behavior history, make computations and provide outcomes. This approach is applied for the identification of fraudulent activity comparing to the customers’ data in the real-time setting.
Blockchain for Improved Identity Management
This is because banking systems have gone green and as a result cyberCriminals increase in attempting to steal information from bank customers. To stop this identity theft, blockchain technology appears to be a useful strategy.
The security in the use of a customer’s data is offered by blockchain as an openly distributed system of security for developing and storing the information. After this data is accommodated in the blockchains, it becomes difficult to change and erase. Blockchain technologies rely on encryption algorithms that can guarantee the immutability of the stored data making it safe for cyber criminals to attack.
Internet of Things(IoT) in the generation of data for insights
Most current ATMs are equipped with “Internet of Things” features included in the ATM that can detect abnormality in its operations as well as any form of hacking attempts made on its systems. Incorporation of IoT sensors in the ATMs and data centers lead to improved security since the biometric details of the customers are verified upon performing the transactions.
The connection of standalone objects to the internet extends and improves customer handling and offers a safe context for purchases at particular time & place.
Advanced Data Security through Augmented Reality(AR) and Virtual Reality(VR) Solutions
Augmented Reality and Virtual Reality are cutting-edge technologies, which allow the security analysts to dive into the completely hypothetical 3D Model of the bank’s network.
These solutions operate on the basis of enabling the employees to engage both with messages in digital form and the physical environment.
This simulation improves the usability and training for users while improving the observance of threats, safety of customer interaction, the management of risks, and endowing banking systems with powers to adopt safer construction of cybersecurity.
The threats related to cyberspace are on the rise and are on the rise on a daily basis. In order to avoid these and other types of crimes, AR and VR applications can be used to train an analyst in security data by designing what cyber criminals do to obtain customers’ personal data secretly.
Wrap-up
Banks are in possession of valuable belongings of individuals. To create a long-term bond between the bank and its customers, the above-said digital solutions are helpful in ensuring the safety of the customer’s information.
It is advisable for banks to incorporate the data analytic approach to counter cyber criminals from perpetrating phishing and ransomware attacks to steal users’ personal data.
