In June 2022, the social security numbers, banking information, and personal information of more than 1.5 million customers were compromised in a cyber-attack that’s believed to have started as early as 2021.
This attack on Flagstar Bank is one of the biggest data breaches in history and an example of the large-scale losses external threats can cause to businesses, especially those that rely on mobile banking systems.
For businesses, such breaches can mean lawsuits, damaged reputations, and customer loss, so it’s always wise to invest in trust and safety for mobile banking security long before you have any cybersecurity threats.
What are Trust and Safety
Trust and safety refer to an organization’s team that focuses on developing, managing, and enforcing a platform’s policy to ensure that any user-generated content posted adheres to the platform’s policies.
Implementing trust and safety begins with understanding the threats your platform faces, the threat origins, and emerging trends that you should be aware of.
How Trust and Safety Intelligence Helps
Trust and safety intelligence provides insights into possible risks that a mobile banking platform could face. These insights are key in decision-making as they inform you of the best policies to mitigate the risk of a breach on your platform.
Trust and safety are an important parts of online environments. It allows civil interactions between users by creating rules and policies. However, as with all human systems, flaws are bound to occur, which is why we need trust and safety teams.
For the mobile banking sector, these mistakes can be worth millions of dollars, thus creating a higher incentive to protect the platform and users. This means, for instance, setting up policies for identity verification to help mitigate as many security threats as possible.
Implementing trust and safety for mobile banking security helps in several ways:
Threat identification is one of the benefits of trust and safety. Historically, data breaches in financial institutions started sooner than they were discovered. For instance, the attack on Flagstar bank is believed to have started sometime in December 2021 and continued until its discovery in June 2022.
A similar problem is common for most platforms where they set up measures long after a security incident.
With trust and safety, you are constantly evaluating the potential security threats your organization faces. You can eliminate any blind spots within your current systems. That way, you are better prepared to protect your platform.
Trust and safety intelligence gather information about existing vulnerabilities and how bad actors can exploit them to infiltrate your systems. It also detects insider threats, a significant contributing factor in some major cyber breaches.
Another benefit of incorporating trust and safety in mobile banking security is the ability to take action immediately before users suffer the malicious acts of bad actors.
Trust and safety arose from the need to prevent fraud, which is prevalent in online banking. It starts with automated security systems sifting through massive data and traffic to identify and flag anomalies.
Then, the human intelligence team comes in and evaluates these threats, and escalates or closes the issue depending on the findings.
With trust and safety intelligence, you are aware of the emerging threats and trends in the industry that create a risk for your platform, and you can take the necessary steps to protect your platform and its users.
When you use trust and safety systems for your mobile banking platform, you create a secure and verified connection between the user and your platform. This platform works by encrypting the traffic leading to your organization.
Trust and safety platforms also utilize identity and access management frameworks to ensure that the right users can access the platform while flagging and preventing suspicious traffic from accessing your platform.
These solutions incorporate passwords, digital certificates, and network protocols to safeguard your platform.
These traffic verification solutions rely on AI to handle large amounts of traffic and data in a short time. This allows them to detect any anomalies and flag suspicious activity.
More is needed to detect threats, verify traffic, or respond to threats sooner. To remain effective, you need to have a multi-pronged approach to mobile banking security.
Trust and safety boost your security posture by introducing a comprehensive security system that provides layers of protection for your platform. Trust and safety also incorporate scalability, meaning that as your operations grow, your security systems can grow with you.
Trust and safety are critical for the financial industry, which deals with the sensitive data of millions of people. It is a key component in security for the industry, especially in the fight against financial crimes. Instituting the right trust and safety operation for your organization starts with having an adaptive, comprehensive, and intelligent operation. You can supercharge your trust and safety team with ActiveFence to handle the threats that come your way.