See how digital banks are as safe (or more) than traditional ones
When you think about saving your money in a bank, one of the main reasons for that choice is security, right? Besides we have heard for some time that money under the mattress does not pay anything, everyone is tired of knowing that leaving all of their savings at home represents a great risk.
It was thinking of increasing security for the money that banks have come up with and their memorable safes. For years, nothing was safer than traditional banks. Almost no one had armed security guards and electronic lockboxes to make sure the money was not targeted by bad guys.
Time has passed and news has emerged to make life easier for customers. Internet banking has become quite popular and this popularity has also made the eyes of criminals grow. Then came cybercrimes and fraud, a new way to "rob the bank" without needing weapons, masks and movie shootings.
This new form of crime has brought to the surface the discussion about the real security of banks, both digital and traditional. Even with all the investments in physical and digital security, is it that traditional banks are actually safer than a digital bank?
That's what we'll discuss next. Find out in the next few lines why security in digital banks can be even greater than in traditional banks!
Security on digital banks: your phone is safer than your laptop
Internet banking and its forms of security are the same for PCs and laptops, which means that it does not enjoy some important tools that only tablets and smartphones offer. Let's do it by steps.
First, it is important to know that the most current phones, in their majority, have in their hardware a strong encryption that is not present in the computers. Along with this, it is important to mention that cell phones have security check modes that computers do not have.
Want some examples?
Checking via fingerprint (which is even used to unlock the device, which further increases security) and selfie authentication are good examples of smartphone and digital bank applications' unique features to verify that who is accessing is really the owner of the account.
Criminals are still "traditional" like banks
We have already said that smartphones are safer than PCs, and this brings a lot of security to digital banks, as their mobile first mentality makes their development focus on mobile devices. And that includes their security protocols, unlike what happens with internet banking.
We can add an important fact here: criminals take advantage of the fact that computer attacks are more efficient and therefore remain focused on traditional banks and their online systems. A survey by FraudAction in the UK found that traditional banks have experienced twice as many frauds as digital banks.
The ease of doing the famous phishing (which are those emails fakes sent to a lot of people just to try to steal the access data) is much greater in internet banking. This encourages criminals to follow the "win-win-it-yourself" trend, and propels criminal actions over traditional banks.
Digital banks invest heavily in security
The proposal of the digital bank is quite practical and daring and, in addition, there is competition with large and traditional brands present in the world for a long time. How to compete with a new product and, what's more, involves money from others? The answer is one: ensuring security and making it happen.
We are not saying that traditional banks do not make their leaps to ensure customer protection, but for digital banks security is a competitive differential, and that makes them much more concerned with these details.
Inside fintechs and digital banks have a galley who stays all day thinking about how to improve their security, they even play a lot of police and thief doing intrusion tests to detect the security breaches. You bet, protection is not a joke for a bank operator.
Security is also reponsa of the user
Despite all the layers and methods used by banks (digital and traditional) to ensure the safety of your rich buck, nothing is 100% safe. Therefore, you also play an important role in this process. Bandits believe you are the weak end, and that is precisely why they focus on you most of their efforts.
Check out below 3 fundamental tips so that you also guarantee the safety of your money.
- Do not use easy passwords
Nowadays it is very easy for anyone to have access to the most diverse information about anyone in the world. A few clicks and voila! Date of birth, marriage, zip code, date of purchase of the pet Iguana ... so use creativity for something totally new.
- Do not use a single password
Many people have the habit of using a single password in all that is possible. The bank password is the same as e-mail, health insurance, instagram, facebook, PSN, cake lovers loyalty club, etc. Few companies have the same level of security as banks, so it would be enough for them to steal your password from any of those services so that they automatically have access to your bank's password. From this, it would be enough if they used this password in several places until it worked. Do not use the same bank password anywhere else.
- When in doubt, use the wrong password
Many scammers online make copies of the sites practically the same as the banks so that you are mistaken to put your password and thus steal it. If you have the least suspicion, enter a wrong password. If the navigation does not stop and you are not prompted to re-enter the password again because it is wrong, you are in the wrong place. Get away!
Do you see how a digital bank can be safer than a traditional bank? Not always what we have known for a long time is the best. That's why so many people are giving an opportunity for digital banks to completely change the way they handle the money that we are struggling to conquer!