Digital Finance: How Do Banks Protect Their Customers’ Money and Data from Cybercriminals?

This article outlines multilayered security measures used by banks—particularly in Europe—including IAM for authentication, robust data encryption and signing, WAF protections, user self-services, SSO, and OAuth/OpenID Connect, as well as secure mobile messengers with e-signatures and auditable communications. It also addresses AI-enabled threats such as automated login attempts and stresses mitigations like anomaly detection and MFA, while noting that phishing and social engineering remain the most prevalent risks.