Commerzbank identifies cybersecurity weaknesses in Banking Technology

captureIn the latest edition of Banking Technology magazine, Commerzbank’s cybercrime specialists analyse modern threats to digital security in corporate banking – and find that the cause for concern lies not in machines, but in people.

The article, ‘Computers or humans: where does the threat lie?’, shows just how secure digitalisation has made the corporate banking landscape. Financial technology now protects private information, secures identities and authorises the movement of funds more efficiently than ever before.

Faced with ever-complex digital defences, fraudsters are focusing their attacks on another area: employees. Commerzbank’s case studies show how – armed with falsified correspondence and bogus documentation – criminals are using confidence scams to manipulate employees into parting with sensitive data and unwittingly committing digital fraud on their behalf.

Commerzbank’s specialists run through what can be done to protect against such deception. They argue that companies must be increasingly alert to their own vulnerabilities. They suggest staff should review the security of common habits. They also note that good communication with banks can play a vital part in helping to mitigate the new risks of the digital age.

The article can be read here (with a subscription).

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