Failure To Cope With Rising Frauds
While on one hand, technology has eased the mode of banking for both customers and banks, on the other hand, it also poses a threat to banking and finance, states the report. Lockdowns and social distancing norms restricted the mobility of bank staff and customers, thereby increasing the reliance on digital channels and other forms of non-face-to-face banking services. In addition, with a significant number of bank staff working from home, banks had to provide their staff remote access to their organisation’s network and information. This forced banks to enact significant organisational and operational changes within a short timeframe to avoid service interruptions. While remote access was given to employees, banks failed to develop the mechanism to counter the vulnerability this led to, says the report. Various undiagnosed vulnerabilities further complicate the setup for the banks.