August 07, 2019 — Cybercriminals are increasingly targeting third-party financial aggregation services to steal money from consumers’ online bank accounts and one of the weakest links are passwords. Many people use the same passwords across online accounts and cybercriminals just cycle through names and passwords until they hit the jackpot. For financial institutions, it is important to use a layered approach for consumer identity verification combined with emergent technologies says Justin Fox, Director of DevOps Engineering at NuData Security.
“With cybercriminals targeting every part of the banking supply chain, including the consumer, consumers must participate in their own security. That means coming up with a unique password that is used in no other place, changing passwords, and demanding multifactor authentication throughout the banking chain.”