3 serious security flaws your bank doesn’t want you to know about

by. Jennifer Calonia

Recent online security compromises, such as leaks regarding the NSA infiltrating private financial accounts and cyber-criminal attacks like Project Blitzkrieg, have made banking customers concerned about the effectiveness of security measures protecting sensitive account information.

To further complicate the issue, the increased popularity of mobile applications have given hackers a new point of access to account numbers, passwords and other private data. Establishing digital security, however, requires preventative measures from financial institutions and digital application platforms, as well as cooperation from bank account holders.

What Bank Security Measures are in Place?

Online banking customers expect that their bank accounts are secured on the web. Fortunately, online bank security is guided by federal regulators that work to create consistency and reliability in the digital banking marketplace.

“Consumers can rest knowing their banks are adhering to the Federal Financial Institutions Examination Council’s suggestions, and more importantly, their established regulations,” said McAfee online security expert Robert Siciliano. “Banks have multiple layers of protection to keep bad guys from hacking in, and [online accounts] have numerous protections internally to protect [them] from malicious insiders.”

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