Incorporating inefficient fintech systems in the finance industry has increased data breaches. Payment card details and user information are easily accessible to hackers, making online transactions vulnerable to cyber thefts
Fremont, CA: Fintech has remarkably improved services and products of the traditional financial services in the past few decades. Although many financial institutions have quickly adopted fintech services, they are still struggling to deal with some hidden risks. For example, the integration of the fintech services in the existing banking solutions raised a serious concern for data security. Besides, the rapid development and adoption of digital platforms have made the fintech industry and its customers exposed to various breaches in IT security networks.
Here we are discussing the severe risks of financial services:
Third-Party Security Risks
When it comes to banks, internal security is not always enough. Therefore, most of the time, when banks or other financial institutions use a fintech service from a not-so-reliable service provider, they end up dealing with so many undesirable consequences, such as service failures, data loss, and damaged…
