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Security in banking refers to the measures taken by banks and financial institutions to protect customer information, accounts, and funds from unauthorized access or misuse. It encompasses a range of technologies, processes, and procedures designed to detect and prevent fraud while ensuring customerRead more
Security in banking refers to the measures taken by banks and financial institutions to protect customer information, accounts, and funds from unauthorized access or misuse. It encompasses a range of technologies, processes, and procedures designed to detect and prevent fraud while ensuring customers receive reliable services. Security measures may include encrypting data when it is transmitted online; using multi-factor authentication for online banking accounts; implementing strong passwords; monitoring network activity for suspicious transactions; conducting regular security audits of third-party vendors; training employees on security protocols; and utilizing biometric authentication methods such as fingerprint scanning or facial recognition. Additionally, banks may also employ physical security measures such as CCTV surveillance systems to monitor their premises. The goal of these measures is to ensure that financial institutions remain secure from risk of cyberattacks from hackers or other malicious actors.
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