Throughout the whole month of January, fintech times It will explore every dimension in one of the industry’s most pressing topics: cybersecurity.
Having previously investigated the many cybersecurity challenges facing the modern work from home (WFH) model, today we will step onto the topic of personal security by bumping into the pros and cons of the technology we use every day to maintain security.
Security remains an overarching topic in many contemporary technology solutions. Advances in biometrics have increased convenience in security cross cooperation It makes security more controllable, and the innovators got it started Think more About what it takes to keep emerging forms of fintech safe.
Part of the success of technology, especially with regard to financial technology, is due to trust. This means that the consumer may not necessarily understand all the ins and outs of the technology, but they trust that regulators, developers, and suppliers will be there to prevent its downfall. The same way you drive a car. You may not fully understand the complex process that drives a car forward, but you can still drive now. Consumers are driving fintech.
But what about when that confidence begins to crumble? Or perhaps the consumer has placed too much faith in the technology, and perhaps the idea behind being in charge of personal security has become increasingly skewed.
Improvements in technology have taken the consumer experience to new heights, yet the potential for failure has never been higher. To understand this, we caught up with three industry experts to hear their opinion on how technology is making the average consumer safer and more vulnerable.
Dennis Relogo HoyleFounder of the Psychology website PsychrigHe explains: “Modern technology has its impact on almost every aspect of our lives; with the help of technology, it is now easier to do things that seemed impossible in the past. It is undeniable that technological innovations have made it easier for us to communicate with our friends – and even strangers – on the Immediately.But at the same time, many of us have lost the ability to interact with others without these digital devices between us.Technology has also led to an increase in situations such as cyberbullying and stalking, making many people feel less safe.
Moreover , James Burr, Director, borers Consulting He says, “It is hard to argue that technology has made people safer, given our reliance on complex, interconnected systems that are constantly being threatened by all of technology. It has certainly brought benefits, but I usually argue that it has changed the nature of threats. Although it is not a perfect indicator, it is The fact that traditional crime is declining sharply while cybercrime is skyrocketing shows that this shift is happening. Essentially, the less likely you are to be robbed or robbed, the more likely your bank balance will be drained by phishing or phishing attacks.”
Founder of Identity Startup in London sumsupAnd Jacob Sever He explains how wiser technology generates smarter attacks with more devastating results: “Technological advances have also exposed people to many digital risks. For example, the development of deepfake technology has given criminals an unprecedented ability to steal digital identities, take over bank accounts, and collect sensitive data. Accordingly, technical developments (such as deep counterfeiting) have led to the spread of cybercrime in recent years, with reports of identity theft, online fraud, and ransomware attacks increasing exponentially.”
This last point regarding the widespread use of deepfakes is particularly troubling, as the fintech industry saw a 50 percent increase in fraudulent activity during 2021, compared to the previous year. Although conflicting studies have strongly suggested that AI technology can be used to cause such attacks, various reports also indicate that awareness about the use of deep fake technology is still in its infancy; With at least three-quarters of adults in the UK unaware of how this technology is being used.
Despite all the gloom and gloom, there are still many positives that technology, especially fintech, has been able to bring to the table.
Relojo-Howell explains how technology has made the everyday consumer safer: “We could argue that modern technology has made us less secure. But this ignores the fact of how long it has been for companies to use computers and the Internet – decades have passed. For example, technological development allows banks to do as hard as it can to make digital banking not only more convenient but more secure. At the government level, facial recognition technology can help identify terrorists and other criminals.”
Continuing his previous comment, Sefer added: “In some ways, modern technology has made our lives more secure. For example, data encryption and digital identity checks ensure that the online services we use are well protected from scammers and scammers. This makes us feel safe when conducting financial transactions. Online — whether it’s on cryptocurrency exchanges, online banks, or e-commerce stores. Also, thanks to cloud technologies, we no longer need to rely solely on physical storage methods (such as hard drives) to keep our data and assets safe.”
This means that we should not lose faith in modern cybersecurity measures or the technology they seek to protect. As with many things in life, there are two sides of the coin to staying safe online, and it is up to the innovators, regulators and consumers of this technology to exploit its benefits to fight smarter cybercriminals.