Trust T Mapoka*, Joyce Tlhoolebe and Keneilwe Zuva

Department of Computer Science, University of Botswana, Botswana

*Corresponding Author: Trust T Mapoka, Department of Computer Science, University of Botswana, Botswana..

Received: April 05, 2022; Published: November 22, 2022

Abstract

Financial institutions are tremendous targets of opportunity for electronic thievery. Intermingled threats, improvements to man-in-the-middle or browser exploits, and advances in malware diversity has resulted in to easy hacks in to the banks by even less-skilled cybercriminals. The hacks usually target something that is of utmost value such as customer credentials and money in the Bank. Historically, banks have purchased various systems to manage threat risks, however their existing perimeter defense controls don’t necessarily integrate well. Banks typically have had various fraud prevention controls with various tools for each type of exploit. Further, as these exploits continue to blossom, regulators have struggled to figure out best practice recommendations. Payment Card Initiatives and other banking regulations are a great start, but they haven’t kept up with the online threat landscape. This paper addresses many ways of hacking the bank and recommend best practices to securing online banking transactions.

Keywords: Financial Crime; Secure Banking; Fraud; Cybersecurity