According to Positive Technologies' yearly report, the number of vulnerabilities in banking apps and websites has fallen, yet two thirds of the systems still contain at least one critical vulnerability.

The omnichannel experience of modern banks brings convenience to users, as well as chances for fraudsters to act. Today, a fraudster doesn’t need to break into the system to access sensitive data. Instead, they take advantage of the available data breaches resulting from the apps' vulnerabilities.

One solution for financial institutions is to implement security tools that is independent from data provided by the customer. Additionally, multi-layered solutions that include passive biometrics are proving effectiveness. Passive biometrics monitors the user’s inherent behaviour such as how they type or hold the device. This is similar to digital signature, which is an approach to prevent bad actors from masquerading.

The original article is posted here.