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.
Read more: Half of online banks allow hackers to steal your money