Automated News - Automator Solutions’ Post

Network enhancement and Maintenance are critical for financial institutions to ensure seamless operations, robust security, and excellent customer service. As the backbone of digital banking, a well-maintained network supports secure transactions, real-time data processing, and uninterrupted service delivery across channels. In an era of increasing cyber threats, regular network upgrades and proactive maintenance are essential to protect sensitive financial data and maintain regulatory compliance. Moreover, an optimized network boosts operational efficiency, enabling institutions to adopt innovative technologies like AI-driven analytics and mobile banking solutions, thereby enhancing customer experience and staying competitive in a rapidly evolving financial landscape.

https://lnkd.in/djUnv6Qu Digital economy rests on digital trust. RBI comes up with a draft framework on alternate authentication measures for digital transactions. It is a much needed , righty timed , forward looking and risk focussed policy intervention. Recently Monetary Authority of Singapore also came up with a similar directive. The key highlights and points to ponder are: 1. The gap between digital product outreach and customer digital awareness has created globally lucrative avenues of cyber crimes. Allmost all (excluding the remote sharing apps) cyber thefts leverage the OTP sharing by customers. 2. The telecom ecosystem is trying very hard through multiple measures to arrest the perpetuation of frauds through SMS. Sanchar Saarthi , Standardisation of SMS templates , registration of bulk sms senders etc. are wonderful steps but falling short of preventing frauds. 3. What needs to be seen is what risks alternate authentication channels will bring about. We recently heard about AEPS frauds using biometrics and concerns around live tissue scanning. 4. Token providing applications , if sitting on customer devices are also susceptible to similar risks as the OTP, until stringent containers are created. Getting the security implemented might be a challenge based on the deep penetration of digital products and variety of devices in use by our customers. 5. With systemic and transactional cyber threats looming large , such policy interventions help us to leverage mutiple technologies for enabling safety and security of our stakeholders. 5. As mentioned by RBI , Risk based authentication framework are the key for leveraging this direction in true spirit.

Security at the Forefront of Banking's Digital Transformation# Interoperable Payment System# Internet Banking Transaction# 🔐 As the financial world braces for a new era of interoperability with NPCI Bharat Billpay, banks, and fintech innovators joining forces, there's one aspect which will take swift turns is: Cyber Security Strategies. 💻 The upcoming synergy isn't just about seamless transactions and enhanced end user experience; it can foster the innovation and expand the banking services and products. Change in the transaction journey is an inherent call for change in the strategies for safeguarding our digital footsteps in this newly interconnected space. With each stride towards a unified banking ecosystem, the stakes for information security rise. 🌍 Global fintech adoption is skyrocketing, with customers expecting not just functionality but also fortified security. The partnership horizon is expanding, and with it, the complexity of cybersecurity. 🛡️ We're entering a realm where banking 'grade' security meets fintech agility. Balancing innovative digital experiences with robust security protocols is the new norm. The question isn't whether we'll adapt—it's how we'll excel. 🤝 As we gear up for these collaborations, let’s talk about what lies beneath the surface. How will banks and fintechs unite their strengths to tackle the ever-evolving cyber threats? How will legacy systems be fortified to withstand the challenges of tomorrow? ✨ Join the dialogue as we dissect the blueprints of a secure financial future. #CyberSecurity #DigitalTransformation #Banking #FinTech #RiskManagement

The unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to bank digitalisation, underscoring the need for banks to fortify their operational and IT resilience. -with Huawei Jason Cao https://lnkd.in/gpthkVmy #fintech #digitaltransformation #innovation #digitalbankingbanking

MOBILE PAYMENT SYSTEMS: DISRUPTIVE DEVELOPMENT AND CYBER RISKS https://lnkd.in/e_wQyV7a This post was originally published here by  (ISC)² Management. By Kaya Kazmirci, Managing Director, Kazmirci Associates Kaya will be hosting the session Mobile Payment Systems: Disruptive Development and Cyber Risks at (ISC)² Secure Summit MENA, between 21st and 22nd November 2017. Two fundamental shifts in traditional payment methods are changing the landscape of spending. Emerging blockchain-based currencies and alternative payment channels are disrupting time honored cash and credit card-based transaction service providers. Enabling cheap transactions when traditional banking services are expensive is critical for supporting business growth, especially in the developing world, where banking services are not always cheap or available. At the same time, ensuring […]

As Two-Factor Authentication (TFA) became a regulatory requirement in India, it rapidly became synonymous with One-Time Passwords (OTPs). Initially perceived as a potential impediment to the digital transition, particularly in the realm of ecommerce where digital payments were anticipated to surge, OTPs surprisingly emerged as a welcomed safeguard and a symbol of security for Indian consumers. Fast forward to the present, OTP serve as the cornerstone of authentication mechanisms across diverse sectors, reshaping how businesses and individuals engage with numerous applications and services. However, the evolution of authentication technology is inevitable, driven by the imperative to safeguard against cyber threats originating from various corners of the globe. As we look ahead, the landscape of authentication is poised for transformation, with emerging technologies such as biometric authentication, dynamic security measures, and multifaceted verification methods set to redefine how we verify identity and ensure security in an increasingly digital world. It's time to embrace the forthcoming innovations and bid farewell to the era dominated solely by OTPs.

The unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to bank digitalisation, underscoring the need for banks to fortify their operational and IT resilience. https://lnkd.in/gPV3Armi Huawei #fintech #digitalbanking #digitaltransformation #innovation #banking

🔒 **Data Privacy in the Banking System: A Crucial Imperative** 🔒 In today's digital age, the banking sector is at the forefront of technological innovation. However, with great power comes great responsibility, particularly when it comes to protecting customer data. As we increasingly rely on online banking, mobile apps, and fintech solutions, the potential for data breaches and misuse grows. Here are a few key points to consider: 1. **Trust is Essential**: Customers need to feel confident that their personal and financial information is secure. Transparency in data practices can build this trust. 2. **Regulatory Compliance**: With regulations like GDPR and CCPA, banks must prioritise compliance. Not only does this protect consumers, but it also safeguards the institution’s reputation and bottom line. 3. **Advanced Security Measures**: Investing in robust cybersecurity technologies, including encryption and multi-factor authentication, is crucial. Continuous monitoring and threat assessment should be standard practice. 4. **Employee Training**: Often, human error is the weakest link in data security. Regular training for employees on data handling and security protocols is essential. 5. **Customer Education**: Banks should empower customers with knowledge about data privacy best practices, helping them understand how to protect their information. As we move forward, let's prioritize data privacy not just as a regulatory requirement, but as a cornerstone of customer service and trust in the banking industry. Together, we can build a secure financial future. 💼🔑 #DataPrivacy #Banking #Cybersecurity #Fintech #CustomerTrust

The unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to bank digitalisation, underscoring the need for banks to fortify their operational and IT resilience. https://lnkd.in/gymivQB8 Huawei #fintech #digitaltransformation #banking #digitalbanking