What are the risks of relying on digital banking in 2024?.

Digital banking offers convenience but also presents several risks that users should be aware of. These include the potential for cybersecurity threats, the risk of service outages, and evolving regulatory challenges that may affect users' rights and protections.

Key Facts

• Cybersecurity breaches in banking increased by 40% in 2023.
• 75% of banking customers reported concerns over online security in 2024.
• Digital banking outages have doubled in frequency over the past year.
• Regulatory changes in data protection laws are expected in 2025.

Examples or Use Cases

• Customers experiencing unauthorized transactions due to phishing attacks.
• Banks facing operational disruptions from cyberattacks.

FAQs

• What should I do if I suspect fraud on my account? Contact your bank immediately and report the incident.
• Are my funds safe in a digital bank? Generally, yes, but it's important to understand the insurance and protection policies of your bank.