Sophisticated Internet of Things technologies transformed the cybersecurity systems in financial services.
Take credit cards as an example-commercial banks significantly cut the risk of skimming by replacing magstripe cards with chip-and-PIN cards.
To protect yourself against these crooks, learn to utilize IoT technologies in financial cybersecurity.
At a basic level, IoT in Finance refers to the devices involved in the payment or funds management process - payments, transfers, monitoring and security.
IoT boosts biometric authentication through fingerprint and facial recognition technologies.
They're versatile systems with various applications, from unlocking smartphones to authorizing online banking transfers.
Considering their overall reliability, expect to see these IoT technologies in the finance industry more often.
Commercial banks are already integrating them into the system.
IoT lets cybersecurity systems monitor financial transactions in real time and spot signs of fraud fast.
Financial institutions must flag unusual purchasing patterns and notify involved consumers quickly.
Sophisticated IoT models help consumers and financial institutions alike resolve fraudulent credit card transactions faster.
Banks will send notifications to the involved cardholders' linked devices; that way, they can choose to lock their credit accounts immediately.
Payment processors can create more secure, reliable payment gateways with IoT. Considering the confidential data that passes through these pages, cybersecurity is non-negotiable.
Jim Pendergast, the Senior Vice President at altLINE Sobanco, warns business owners to take payment gateway security seriously.
These systems might seem intimidating at first, but in reality, even non-tech-savvy consumers can utilize them.
Ideally, all the apps containing your personal information, credit card details, bank accounts, and digital wallets should require face or fingerprint verification.
Shawn Plummer, the CEO of The Annuity Expert, encourages consumers to freeze their credit as needed if they notice suspicious activities.
No matter how far IoT technologies advance and evolve, they're merely tools.
For added security, ensure your IoT cybersecurity tools match your tech ecosystem.
The post The Intersection of IoT and Financial Security: Expert Tips for Protection appeared first on TuxCare.
This Cyber News was published on securityboulevard.com. Publication date: Mon, 25 Dec 2023 14:28:04 +0000