Reinforce your customers’ security and prevent bank fraud with TU Latch
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Paying with your mobile phone anywhere, checking your accounts on the sofa and requesting a loan without having to visit a branch. Not so long ago, it would have taken several hours to do all this or you always had to carry a bank note in your wallet. Nowadays it all forms part of everyday life. Banking, like so many other things, has gone digital. However, as it becomes more accessible, it also becomes more vulnerable.
In today’s digital (and financial) world, cybercriminals no longer enter by force or exploit vulnerabilities; they break into your credentials. They pretend to be the customer. If they aren’t detected in time, banking security becomes conspicuous by its absence.
Therefore, if you protect your customers’ logins, you can not only prevent fraud, you can also enhance their trust. Latch, our authorisation control platform, can help you to do just that.
The main bank frauds that can affect your customers’ accounts
In today’s digital world, cybercriminals pretend to be legitimate users and, if they aren’t detected in time, they can empty accounts, apply for loans and perform fraudulent transfers in a matter of minutes. In fact, financial fraud via mobile devices grew from 47% to 61% between 2022 and 2023, reflecting the sophistication and frequency of these attacks.
The most common threats posed by cybercriminals include:
- Phishing: emails and messages that impersonate the bank to steal credentials.
- Mobile malware: malicious applications that capture passwords and intercept verification SMS.
- Brute force attacks and credential theft: exploitation of weak and reused passwords.
The role of two-factor authentication (2FA) in secure banking
Two-factor authentication (2FA) has become one of the security standards for digital banking. In addition to the password, it consists of requiring a second element that only the user possesses, such as a temporary code (TOTP), a fingerprint or a notification via a mobile. Thus, even if an attacker steals the password, he/she won’t be able to log in without the second factor.
The benefits of 2FA include:
- Greater security: it makes unauthorised access more difficult, even if the password has been compromised.
- Less fraud: phishing and malware attacks become less effective, as they require both factors to be successful.
- User trust: knowing an account is protected by multiple barriers reinforces the perception of security and loyalty to the bank.
How do users benefit from integrating TU Latch into the digital banking services you offer?
In this scenario, Latch presents itself as an advanced solution for protection when logging into mobile banking. Not only does it implement 2FA with TOTP, it also introduces the concept of “digital security logins”, whereby users can block or unblock access to their accounts or critical functions (such as transfers and payments) with a single tap on their app.
Therefore, if you integrate Latch into your digital business applications, users will be able to protect their accounts. How? Here’s how:
- The users download the Latch app via Google Play or App Store.
- They link their bank accounts to the app.
- If they aren’t performing any operations, they can log out via the app to ensure that no movements can be made within the account.
- When they need to perform a transaction, they can open it via the app. When they’ve finished, they can close it again.
- If someone tries to enter without permission while the lock is on, they’ll know in an instant, as they’ll receive a real-time notification.
Moreover, Latch can customise different functions, such as:
- Restricting transactions to specific geographical areas. For example, transactions totalling more than €10,000 can only travel 3 kilometres from the head office, through Open Gateway’s Device Location Verification API.
- Assigning permissions per function or per person. Only certain roles can change a function within a bank account.
As we’ve seen, security in banking (and the digital environment in general) is more important than ever before. If you want to find out how Latch can protect your company’s access and data, try out the Professional Plan free of charge for 30 days and obtain first-hand knowledge of all the benefits it has to offer.
Soy un periodista altamente versátil en el campo de la comunicación y el marketing, con un enfoque en la creación de contenido atractivo. Actualmente, formo parte del equipo de Marketing de Producto de Telefónica Innovación Digital (TID).
