Banks tighten online security as fraudsters outpace safeguards
by Chaminda Silva Lankan banks are introducing additional security measures for online banking as increasingly sophisticated phishing attacks and cloned banking websites are being used by international scam networks to steal customers’ credentials and gain unauthorised access to their accounts, former Information Communication Technology Agency of Sri Lanka (ICTA) Director Prashansa Dissanayake…
Sri Lankan banks are beefing up online security in response to a surge in sophisticated phishing attacks and cloned banking websites, according to former Information Communication Technology Agency (ICTA) Director Prashansa Dissanayake. These illicit tactics are being employed by international scam networks to pilfer customers' personal information and illicitly access their accounts.
Over the past year, the digital financial sector has been besieged by a growing wave of cyber threats, with fraudsters leveraging cutting-edge technologies like artificial intelligence to target banking customers.
To counter these malicious attempts, banks are implementing stricter security protocols, including limiting internet banking access to pre-approved or trusted browsers and demanding extra verification steps. These measures may seem inconvenient initially, but they serve as essential safeguards against automated cyberattacks, acting as automated "circuit breakers" to halt fraudulent access before scammers can hijack accounts and siphon funds.
Dissanayake emphasized that these additional security layers function as automated barriers, preventing unauthorized access and financial loss.
The director advised customers to prioritize their banks' official mobile banking applications over accessing services through unverified links or websites. She highlighted that biometric authentication features, such as Face ID and fingerprint verification, provide an extra layer of protection when using official banking applications.
These applications also mitigate the risk of URL spoofing and cloned banking websites, ensuring customers' financial security, whether they are at home or abroad. Dissanayake stressed that the additional security measures introduced by banks are not meant to inconvenience customers but to safeguard their hard-earned money from increasingly sophisticated cyber threats.
She urged banking customers to adhere to their banks' security instructions, utilize only official banking applications, and remain vigilant when encountering links or requests for banking credentials.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
