Privileged functions are the actions performed by users with special access, such as administrators, who are allowed to modify systems, manage accounts or have access to sensitive information. Because these permissions give control over critical operations and important data, it is crucial that these roles are managed very carefully.
Having control of these privileged functions keeps systems secure and protects key information within companies. Administrators can make all sorts of changes to computer systems, making them an easy target for cyber-attacks or a potential risk should they make mistakes. Without proper supervision, such access can be misused and lead to serious consequences.
This is particularly applicable to the banking sector, where highly sensitive information is handled, and transactions are performed daily. Employees with privileged access have the ability to alter financial data, modify accounts or access confidential information. Without proper control, such access can be exploited for fraud or cyber-attacks.
However, technology can help us protect our customers with solutions such as TU Latch. In this post we tell you how to integrate it to start protecting the digital lives of your users.
Tips on how to protect your customers
Here are some tips on how you can start protecting your customers’ bank accounts.
Use multi-factor authentication
Having more than one verification method to log into your accounts makes them much more secure. Not everyone will be able to enter, only those with temporary codes, such as TOTP codes.
Change passwords regularly
Updating passwords makes it more difficult for cybercriminals to get hold of them and use them for negative purposes. In the time it takes to decipher them, you will have stayed one step ahead and changed it. And if it is for a strong and secure password, so much better.
Monitor transactions
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Reviewing accounts and their movements every now and then is not a waste of time, as this is how suspicious activity can be detected.
Set up security alerts
Turn on notifications from your app or bank account. This will alert you to all movements or logins that take place, which means you can keep track of everything, whether it was an action you did or not. In the latter case, you will have more time to remedy it.
Be wary of phishing
If you have received an unsolicited message or email, don’t click on it or follow the instructions it indicates. If you don’t recognise the source, it’s better to ignore it. If it looks legitimate, it’s best to call the organisation to check its veracity.
Use secure networks
When using your bank accounts or logging in, try to do so from a secure Wi-Fi network. Cybercriminals exploit security holes in these networks to steal your data. For example, with Latch’s Secure browsing copilot functionality you can protect yourself from malicious domains and suspicious activity.
How to implement TU Latch in the banking sector?
In TU, we have focused on developing cutting-edge technology aimed at optimising various sectors, including banking. This is how Latch came about, an authorisation control platform that works through digital latches.
With Latch, you have the power to decide who can access your accounts and perform transactions securely and efficiently. In other words, it allows you to control the privileged functions of your company with complete autonomy. Control is in your hands: you decide who to authorise, or not, to perform certain sensitive operations, and the application takes care of carrying out your decisions.
Every time someone tries to access an account or perform a transaction, they will not only need the usual passwords, but also your authorisation to do so (if you have Latch protected access). This ensures a double layer of security for each attempted access or transaction.
At the enterprise level, Latch is used not only to protect the digital accounts or profiles of its users, but also to authorise and control privileged internal roles. It can be set up in such a way that both employee and supervisor have a connected latch: if one does not give authorisation, the transaction will not take place. This provides greater control over all internal operations.
Graduada en el Doble Grado de Ingeniería en Diseño Industrial y Desarrollo de Producto + Ingeniería Mecánica. Soy una persona muy organizada, pero con una mente muy creativa. Trabajo en el equipo de Product Marketing CDO en Telefónica Innovación Digital aprendiendo todo lo que puedo.
