Half of online banks allow hackers to steal your money
Recent research indicates that financial institutions are tragically falling short in their responsibility to provide customers with secure solutions for online banking and other digital financial services. While a recent study by Aite Group and Arxan Technologies found major security shortcomings in financial apps, Positive Technologies last week released a report that exposes the poor security of online banks.
According to the study, every single online bank contains potentially dangerous security flaws and critical vulnerabilities affect 61% of banks. In addition, a majority of tested applications (54%) allowed hackers to steal funds or conduct fraudulent transfers.
On the plus side, the proportion of critical security flaws is on the decline. In 2016, high-risk vulnerabilities accounted for 36% all flaws in 2016. This number dropped to 32% in 2017 and then to 15% in 2018.