By Jan Vekemans, CTO of Cryptique, the maker of the Pryvate app

Most Americans are under the impression that the bank itself is responsible for keeping their personal information secure and are therefore comfortable conducting personal banking on their mobile phones.  A recent report by TransferWise titled “The Future of Finance,” surveyed more than 1,000 Americans and found that 55 percent have a positive view of the security of banking technology and see it as being “more secure or just as secure” as going to the banks themselves.

In this digital age, private communications on a personal device should be a commonplace concept, whereby customers and their bank can digitally communicate with whomever they choose as securely as if they were speaking to them face-to-face. For the most part, financial institutions are meeting the needs of their mobile-savvy customers. However, even if a bank has rock-solid security protocols in place, there are still a multitude of ways hackers can intercept client or internal communications to obtain private financial information through the conversations that take place on personal mobile devices.

Hackers now have access to tools that can be purchased easily online that enable them to intercept and record calls and text messages from up to 20 miles away, which could lead to any critical communications centred around one specific bank branch to be overheard. This would allow the interceptor to steal any information discussed by a location, such as business dealings, personal details and credit card information.


Subscribe to the Global Banking & Finance Review Newsletter for FREE
Get Access to Exclusive Reports to Save Time & Money

By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
All emails include an unsubscribe link. You may opt-out at any time. See our privacy policy.

Using encryption to secure all forms of communication is the best way for banks to protect customers’ banking details as well as verify that the sender and receiver are who they say they are. Security tests have shown that end-to-end security is the only way to prevent cybercriminals, intruders, corporate espionage, hackers and more from violating the privacy of individuals.

In any situation in which remote contact with a bank is necessary, it’s essential to be able to ensure the bank is communicating with the right person. Using video messaging adds an extra layer of authentication to the process, as a customer can be verified against an ID image on file. Using video for communication can also aid in determining whether there is a situation of duress, for example if a client is at gunpoint.

Emailing information and documents as well as exchanging data with customers (or employees) via externally hosted email accounts is a typical activity for a business. But for a security conscious bank, this scenario is a nightmare as it poses a number of threats. This is because 40 to 50 percent of emails sent between Gmail and other email providers aren’t encrypted according to Google’s own Transparency Report.

If either a bank or the clientele use emails for services like currency transactions or stock order confirmations (which is most likely the case) those details are put at risk every time an email is shared that isn’t encrypted. Most encryption platforms also have an added feature of using a timestamp to show when the message was sent and received, which means that any legal dispute on timing can be settled easily.

Shareholders and board members who use emails can also take advantage of an encryption service to make sure that confidential information is getting to its intended recipient and any screen captures are traced and reported back to the original sender. In addition, applying settings like “one-read only” or “self-destruct” to certain messages after they’re read adds a layer of confidentiality.

Implementing encryption software to protect internal and clientele information is important in order to be compliant with the stringent legislation that governs the financial sector. Customers are familiar with the concept of accessing the information they want right on their mobile. And if banks are incorporating new technology to keep up with current customer desires, encrypted communication is easy to install and incorporate into these processes as they are being developed.

The post is here: