There has never been a larger focus on financial security than today. Despite these best efforts, though, there is still a very long way to go. Technology can only address so many things, and it is incapable of fixing the biggest flaw of all. Human fallibility remains the weakest link associated with any financial transaction or service.
Humans Are Not Perfect And Never Will Be
Contrary to what some people may think of themselves, humans are the weakest link in any security-related environment. Mainly mobile banking security is suffering from this problem, according to a new report issued by the Risk Mitigation Workgroup. Even though devices and software are not safe from harm either, end-users pose the largest security risk at any given time.
To put this into perspective, the vast majority of fraudulent transactions occurs due to the gullibility of end-users. Criminals target these individuals on purpose and use social engineering or phishing to get what they need. Additionally, the fraudulent impersonation of company employees or financial service representatives is not helping matters much either.
Addressing flaws found within hardware or software products is important. However, those are only one facet of the operation, as user-oriented threats will go well beyond technical capabilities. If someone convincingly executes a social engineering attack, even the best of software or hardware will not be able to thwart that threat.
It is up to financial service providers, as well as end users, to be more aware of these looming threats. Mitigation measures need to be developed, which can combat both human error and technological flaw. Launching new services is a positive development, but there is a lot more to take into account than making sure an app works on both Android and iOS.
At the same time, it is it not easy to counter potential human error in the financial world. Introducing stricter security measures means sacrificing convenience, which will put a lot of people off. A delicate balance needs to be struck between both sides of the coin. Financial service providers, however, must be ready to admit that there are weaknesses in customer behavior.
There is a growing need for more guidance related to taking customer behavior flaws into account. Education will play a major role in this process, although most people are well aware of what phishing and social engineering scams are. It will not be easy to guarantee financial security anytime soon, though.
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