About two-thirds of Americans use digital banking as their primary way to manage their finances. This is a sweeping trend that has gained popularity not just in the United States, but in developed nations all over the world. The ease of receiving and sending money instantly, at the push of a button has made financial management stress-free. However, with this convenience comes risk, as many major online companies have issues with hacking and security breaches. Unfortunately, digital banking is not immune to cyber crime – and the technology that enables it still has some room to grow before it’s as safe as it can be.
What Can Go Wrong?
One of the major risks involved with digital banking is the same risk as with putting any personal information into an online database. These troves of personal financial information make them huge targets for savvy cyber-criminals. Therefore, the possibility that your data could be stolen is very real. In order to take preventative measures, individuals are encouraged to avoid using public wifi, and to only do business with established, well-secured financial institutions. While these steps don’t guarantee financial safety, they certainly increase it.
How To Prepare For The Future Of Finance
Whether we like it or not, digital banking and the problems that come with it are here to stay. More people than ever are able to make a living completely online through trading platforms and remote jobs. This means that digital money transfers will continue to soar, which will put even more strain on online security systems. Despite this, some good news is on the horizon – vast advancements in technology promise that online banks will have more tools to protect their clients, and the possibility that digital banking will be safer than traditional methods in the future is very high.
In order to get the most out of what future technology can offer, sometimes it’s best to accept some risk. When it comes to online banking security, that can be a tough pill to swallow for some people. However, the technology is here for good, and it will only continue to grow more prevalent in our daily lives in the future. It seems as if the best course of action is to accept the technology, and take the necessary steps to protect ourselves as digital banking works out its issues.
by Jennifer Glenn