What are the security measures in modern banking systems?.

Modern banking systems prioritize security through several robust measures designed to protect customer information and prevent fraudulent activities. Key security measures include:

Key Facts

• Encryption: Data encryption is standard to safeguard sensitive information during transmission.
• Multi-Factor Authentication (MFA): MFA adds an additional layer of security by requiring users to provide two or more verification factors.
• Biometric Security: Fingerprint and facial recognition technology are increasingly employed for secure access.
• Continuous Monitoring: Banks utilize real-time monitoring systems to detect and respond to suspicious activities promptly.

Examples or Use Cases

• Mobile Banking Apps: Apps incorporate biometric security and encryption to enhance user safety.
• Online Transactions: Secure payment gateways use advanced encryption methods to protect user data during transactions.

FAQs

• What is encryption in banking? Encryption converts data into a coded format to prevent unauthorized access.
• How does multi-factor authentication work? MFA requires users to verify their identity through multiple methods, such as a password and a text message code.