Many people use modern banking methods such as ATM‘s, online banking and more recently banking apps on a daily basis and more and more people are taking advantage of these online banking services. This, unfortunately, includes the risk of various cybercrimes, such as phishing and pharming.
- HTTPS websites.
- On-screen keypads to input PIN‘s, thus avoiding the risk posed by keyloggers.
- OTP‘s are required for key transactions, such as adding a beneficiary.
- SMS and/or e-mail notifications to alert the client to transactions made on their account.
- Debit and credit cards with chips.
- Education: banks inform clients of safety risks and scams.
Of course, the ultimate responsibility lies with the client to take all the necessary precautions at all times to ensure their own safety.
What does the future hold?
Wouldn’t it be cool if your transactions were limited geographically? Just like you can set limits on the amount of each transaction or the total amount transferred in a 24-hour period, a bank card could be set to only allow transactions on machines within a certain geographical area.
You could update these “geo-fences” before and after travelling on holiday, or you could link your account to a GPS-enabled smartphone, etc.