Author: Kishore Chavali (Assistant Vice President, Barclays Investment Bank)
As most of the cybercrimes are committed for the sake of financial gains, it is only logical for the banking/financial sector to be the prime target. Being the most prominent industry to be affected by cyberattacks, a continuous need arises for the development of security measures and compliance guidelines for both industry experts and novice users. This review discusses high-level challenges within the area and detailed trends of digital banking frauds, the different modes of attacks associated with digital banking such as session hijacking, cookie hijacking, the man in the middle, etc. It also contains covers certain best practices to be followed to keep the payment systems secure.