The Fintech industry has seen a substantial uptick amid the COVID-19 pandemic, largely as a result of rapidly increasing criminal activity across the cybersphere. Hackers are using the new digital landscape to target banks and lenders, leaving their customers vulnerable to attack.
Fintech is strengthening the virtual framework of leading lenders to protect clients and staff from data loss and identity theft.
Read on to learn how technology is helping to protect borrowers and lenders during the remote boom.
Supporting Big Data
Even before the world moved online last April, the Internet of Things and rapidly increasing connectivity has completely shifted the way consumers and lenders send information back and forth. Paper trails have largely disappeared, and all of the personal information needed for a transaction is held via local servers or cloud storage.
Fintech solutions like mobile check deposit, e-signatures, and mobile apps make it easier than ever for borrowers to safely and securely transfer their information online.
Since most loan applications require highly sensitive personal data, enhanced online security is key for protecting clients, partners, and internal staff from online threats.
Multi-Factor Digital Identification
One of the most common catalysts for cyber fraud and data theft involves the unauthorized use of privileged information, files, or equipment. Using just a password or code to secure your devices and corporate accounts leaves every user out in the open, especially if they’re working from home or using public networks.
Requiring users to provide multiple forms of identification will prevent the unauthorized or illicit use of:
- Trade secrets
- Customer personal information
- Banking details
- Company passwords
Common forms of identification include passwords, biometric scans, pin codes, secret questions, and even external drives and fobs. Using a Fintech system that requires at least two different forms of verification can reduce your company’s risk of cyber fraud significantly.
AI-Assisted Problem Solving
No matter how many eyes are on every transaction, we’re all human at the end of the day. People make mistakes, and that’s to be expected. But, when it comes to data theft and online threats, one simple mistake can cost a company millions.
Using AI-enabled programs and tools will help you reduce human error, which will decrease your company’s chances of falling victim to a data breach.
Artificial intelligence has the ability to learn and identify patterns that can indicate abnormalities in your financial system. This, combined with a knowledgeable and focused team, is the best approach to keeping your data secure in 2020.
Fully Remote Access
The Coronavirus has sped up the country’s trajectory toward a fully remote business marketplace, and now more and more lenders are moving their offices online. This has helped to keep the lending industry going strong, even amid an ongoing pandemic.
Now, it’s possible to apply for a title pawn or personal loan in minutes – and you can receive the money the same day. Fast lending tools and intuitive instant online calculators have made it easier than ever for people to get out of debt, start investing, or achieve their financial goals.
We might be in the middle of a market downturn, but that doesn’t mean the financial industry has any intention of slowing down. Fintech has made it possible for lending institutions to stay afloat to help more and more Americans reach their economic milestones, from buying a home to paying off that last credit card.