Online banking has revolutionized the way we access our bank accounts by providing convenience and ease of use. Wells Fargo paved the way in 1995 as the first bank to offer internet banking to their customers.
The speaker shares their experience of conducting a pen test on a large global bank's mobile banking app to ensure secure customer data privacy.
Jason, a hacker, successfully broke into a bank in Beirut, gaining access to the computers in two of the three branches. He was caught in the third branch and let go, but encourages people to be suspicious of new faces and emails with links or attachments.
The trifecta for digital privacy is encryption, VPN (Virtual Private Network), and a password manager. Signal should be used for instant messaging, rather than platforms that send things in clear text or only encrypt in transit, as they have to have a special setting turned on for things to be encrypted.
The depositor or the consumer and the bank think they're getting two completely different things. There's a fundamental market failure with banking that needs to be addressed by the federal government.