Payment card information and user information are easily accessible to hackers, making online transactions vulnerable to cyber theft. When a financial institution collaborates with a third party, data loss may occur as a result of their inefficient fintech services.
Fremont, CA: In recent years, fintech has significantly improved the products and services of traditional financial services. However, even though many financial institutions have readily adopted fintech services, the aforementioned industry still has some hidden risks. For example, the incorporation of fintech services into existing banking solutions raised serious concerns about data security. Furthermore, due to the rapid growth of digital platforms, the fintech industry and its customers are uniquely vulnerable to various breaches in IT security networks.
Trending challenges in fintech:
Third-party security risks
Internal security is not always sufficient, especially in the case of banks. As a result, many times when banks or other financial institutions use a fintech service from a less-than-trustworthy service provider, they end up losing data, experiencing service failures, and may even suffer a loss…
