Fintech
                     Cyber Security Is Vital For Financial Sector
The  world  is  increasingly  getting  digitized.  Gone  are  the  days  of  just  brick  and mortar
presence of businesses. Now most of the businesses and corporations are online. Banking and
mortgage sectors are also not far behind and have joined the bandwagon too.
Like every good thing cannot last, the online shift has also led to some concerns despite being
swift,  convenient  and  user-friendly.  As  banking  environments  have  increasingly  become
more digital, financial fraud and cybercrime have been on the rise. Like businesses, fraudsters
have  also  moved  their  base  online.  This  online  cybercrime  threat  affects  all  types  of
businesses. It leaves behind far-reaching consequences, causing severe damage and financial
disputes. 
This has made the businesses sit up and take notice of threat coming from online quarters and
have tightened security measures. But the crooks are smart too and they have also honed their
skills  in duping people online through loopholes and lapse in online security.   As cyber-
attacks are evidently growing in scale and complexity, it is imperative to take up stronger
measures and have a foolproof plan to tackle this online menace. 
FundingShiled is a reputed name in the realm of cyber security primarily in the banking,
fintech, mortgage and financial sector. Funding Shield helps manage the financial risks and
delivers API services to help in the mortgage and title fraud prevention, this allows lenders,
investors,  homebuyers  and title  companies  ensure that  wired funds are  going to  intended
recipients  and  transactions  are  not  impacted  by  cyber  fraud,  phishing,  business  email
compromise, or title fraud. 
Areas to improve online security
Cybercrime is a pervasive problem and some glimpses into these attacks has brought out the
vulnerability and gaps in the system. There is a dire need for awareness along with stringent
measures to combat the cyber security menace. The attitude that several businesses have that
it would not affect me needs to go.  
Areas to Improve Security
It is time financial institutions took these additional steps:
1. Account Level Check – It is important to keep track of the types of transactions that
are happening. Attention should be paid to what is typical behaviour, logins, when
they happen. The key is to use analytics to discovery unusual transactions. 
2. Create Unique Account User IDs – Making users have different log-in identification
can also go a long way in ensuring the safety. It is best if they are discouraged from
using the same user name and password. When every title insurance underwriters
get unique user names and passwords, the financial institution is able to create unique
profiles of each of the users. 
3. Dual Control – Another great step is to make two unique users approve transactions.
When this measure is implemented, it goes a long way in reducing the chances of
criminals stealing with a single user logon. This can also address the threat of internal
fraud as well.
FundingShield offers services that leverage source data in real-time to confirm documents are
valid, vendors are compliant with regulations and the insurance coverage protecting lenders,
real-estate investors are consumers are enforceable. Under the able guidance from Funding
Shield, you are assured of protected and fool proof financial transaction.